Today’s modern organizations are striving for digitalization to make their business processes more productive and profitable. Therefore, to keep up with the current digital-transformation trend around the world, business enterprises feel motivated to adopt new technologies like artificial intelligence (AI) in their day-to-day operations. However, with rapid digitalization, organizations are facing new challenges especially when it comes to their governance, risk, and compliance (GRC). In this scenario, AI can be used to leverage organization’s GRC as well as its business functions.
GRC in Organization
The governance, risk, and compliance of an organization is a framework or strategy that allows organizations to align their technological requirements with their business objectives. The set of principles and practices included in an organization’s GRC strategy serves as a guideline for employees. The GRC framework of an organization helps them manage and mitigate risks in the best possible way. It also assists organizations in better management of compliance with government and industry regulations. By effectively managing their GRC, organizations can leverage their business processes through improved decision-making and increased performance.
With an increase in dependency on digital technologies for business functions, organizations need to align their GRC with the data governance framework that allows safe and secure collection as well as storage of data. EU’s GDPR (Global Data Protection Regulation) and CCPA (California Consumer Privacy Act) are examples of prominent data governance and privacy guidelines that restrict organizations to use the information of their customers. Similar protocols are being created around the globe to ensure that organizations do not misuse their customers’ information without their consent or knowledge. Thus, complying with new data privacy laws is an ongoing process that organizations need to prepare in advance.
How can AI be utilized to enhance an organization’s GRC functioning?
AI is a transformative technology that has the potential to disrupt many traditional business processes. Enabling machines to think like human beings by feeding algorithms is a technological breakthrough. And although it is still in its infancy, artificial intelligence’s future looks promising. By utilizing the predictive analysis and algorithms-oriented calculations of artificial intelligence, organizations can successfully manage and maintain their GRC functioning. Organizations using AI can start early and plan their governance, risk, and compliance strategy without disrupting their normal operations.
Risk management is all about anticipating uncertainties and creating strategies to manage or mitigate them. This process becomes easier with the help of AI, as it compares historical data with the present processes to suggest the best risk mitigation strategy. Thus, assisting organizations and their risk management in becoming proactive. Similarly, compliance and governance are lengthy procedures, with organizations spending years understanding and aligning their business processes with established industry and government protocols. Preparing for these regulations in advance eliminates the risk of having audit issues later.
By incorporating AI, organizations can gain control over their business operations. This can be advantageous for organizations as they can leverage the information gathered through Data Analysis to make smart decisions. Apart from providing valuable insights into the latest trends and the current market figures, AI helps organizations effectively reduce costs and save time on traditional administrative functions. Therefore, artificial intelligence can be used to successfully optimize the governance, risk, and compliance of organizations.
With the help of our Artificial Intelligence Consulting Services, organizations can enhance their business processes through AI-assisted GRC. Our RSA Archer consultants and advisors will also assist them in successfully aligning their governance, risk, and compliance software with their business objectives. As a result, organizations can gain a competitive edge over their counterparts in the market by becoming proactive through AI-assisted GRC.