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The future of risk management and the role of AI-powered GRC solutions in benefiting enterprises in the long run
In an increasingly complex and interconnected business landscape, the GRC Suite leverages AI capabilities to provide a unified view of governance, risk, and compliance (GRC) data, streamline processes, and enhance decision-making. By mitigating issues such as data silos, fragmented risk perspectives, and limited expertise, Findability Sciences’ GRC Suite empowers enterprises to safeguard their data, navigate regulatory requirements, and optimize operational efficiency.
This article explores the key challenges of integrating multiple digital platforms for risk management, the need for GRC in the era of AI, the impact of GRC implementation on an organization’s bottom line and reputation, and the features that help Findability Sciences’ GRC Suite find a spot in the market.
Minu Sirsalewala, Executive Editor – Special Projects in a tete a tete with Balaji Krishnamoorthy, EVP – Labs & Services, Findability Sciences discusses the partnerships with trusted GRC platforms and the contribution of Findability.ai, the company’s holistic AI solution, in enhancing risk management capabilities. Envisioning the Future of Risk Management and how AI-powered GRC solutions drive long-term benefits for enterprises.
Can you tell us more about Findability Sciences’ new offering, the GRC Suite? How does it help enterprises address the challenges of risk management in the era of digital transformations?
Findability Sciences is a leading enterprise AI firm that helps traditional businesses across the world unleash the potential of their data and attain the status of a data superpower. Our expertise empowers clients in various industries and locations to accelerate their journey from data to AI, allowing them to create their own intellectual property and cultivate data science capabilities while strategically executing to achieve tangible financial returns. Recognizing the complexities associated with implementing Governance, Risk, and Compliance (GRC) practices, Findability Sciences has developed the GRC Suite. This comprehensive solution addresses challenges such as data silos, fragmented risk perspectives, disparate systems, and limited expertise. By leveraging AI capabilities, our GRC Suite provides organizations with an affordable and effective means to safeguard their data and proactively manage potential risks.
Our AI-driven GRC solution offers a unified view of GRC data across departments, eliminating the barriers of information fragmentation. Through advanced AI technology, data collection is streamlined, ensuring efficiency and accuracy. Additionally, our solution accelerates audits by leveraging AI-powered integration and implementation. By adopting our GRC Suite, organizations can efficiently navigate the complexities of risk management, maintain compliance with regulations, and optimize overall operational efficiency. With our AI expertise, businesses can confidently address GRC challenges and safeguard their valuable data assets.
In your opinion, what are the key challenges organizations face when it comes to integrating multiple new digital platforms for risk management? How does the GRC Suite mitigate these challenges?
In the era of digital transformation and constantly evolving regulatory landscapes, organizations face two major challenges:
Absence of a unified and comprehensive view of risk:
A lack of integration and information sharing among departments and systems leads to delayed actions, increased risks, ineffective controls, and potential losses. Findability Science’s GRC Suite addresses this challenge by providing a holistic view of GRC data across departments, enabling better decision-making and improved risk prediction. With this comprehensive insight, organizations can implement quicker and more effective preventive measures, while also identifying and rectifying operational inefficiencies.
Insufficient automation and accountability:
Manual tasks such as data entry and report generation consume significant time and resources, resulting in unnecessary operational costs and the misallocation of human workforce to mundane activities that could be better utilized for more complex tasks requiring human intervention. Moreover, these manual processes are prone to errors and are time-consuming. The GRC Suite’s automation capabilities augment these processes, saving valuable time and resources, both financially and in terms of human effort. By automating these tasks, organizations can improve efficiency and accountability while minimizing errors and reducing operational expenses.
Could you elaborate on the need for Governance, Risk, and Compliance (GRC) in the era of AI? How does a GRC solution address the issues of multiple systems, poor data quality, and lack of expertise?
As AI continues to advance and have a greater impact, organizations are facing new challenges in managing the risks associated with AI systems. The legal, ethical, and reputational issues that accompany AI demand a more sophisticated approach to governance, risk management, and compliance (GRC). A well-implemented GRC solution plays a pivotal role in determining an organization’s existence, growth, and reputation. Failing to comply with GRC regulations can lead to negative consequences, including significant penalties.
GRC solutions offer effective ways to address common issues encountered by enterprises:
Data-driven decision-making: By leveraging the analytical and predictive capabilities of GRC solutions, organizations can efficiently convert collected data into actionable intelligence. GRC solutions have the ability to automatically gather data from various internal and external sources, including regulatory bodies’ websites and social platforms. The data collected by GRC solutions is more reliable compared to manual alternatives, enabling organizations to make informed and data-driven decisions.
Third-party risk management: With the proliferation of extensive third-party ecosystems, organizations need robust third-party risk management programs to mitigate associated risks and enhance the performance of their third-party partners. A data-led GRC suite provides seamless integration of data, offering a consistent and aggregated view of risks. This comprehensive view reduces the likelihood of unexpected risk events, ensuring better risk mitigation and management.
Skilled expertise in executing GRC programs: The industry currently faces a shortage of skilled experts proficient in effectively implementing GRC programs. It is crucial to provide the right combination of skilled individuals, well-defined processes, and appropriate technology to ensure successful GRC program execution. By addressing this expertise gap, organizations can enhance their GRC capabilities and effectively navigate the complex landscape of governance, risk management, and compliance.
How does a solid GRC implementation impact an organization’s bottom line and reputation? What are the potential benefits for enterprises that adopt the GRC Suite?
A well-implemented GRC (Governance, Risk, and Compliance) system plays a vital role in fostering a culture of risk and compliance throughout an organization. It empowers every division and user to communicate and act promptly, contributing to the organization’s overall success. By establishing a GRC framework built on quality data and predictable insights, the likelihood of negative publicity resulting from incidents such as regulatory non-compliance, data breaches, or legal issues is significantly reduced. Cultivating a culture of compliance also helps build trust with key stakeholders.
In addition to identifying, predicting, mitigating, and preventing risks, a GRC Suite offers several benefits to enterprises:
Data-Driven Decision Making: Leveraging Findability.AI’s methodologies and tools, the GRC Suite extracts high-quality GRC data from both internal and external sources. Through exceptional data validation and cleaning processes, it ensures accurate and reliable data and analytics. This enables organizations to better identify, understand, and manage the dynamic interrelationships between risk and compliance. The automation capabilities of the GRC Suite also identify data overlaps, ensuring that critical business decisions are based on precise insights.
Improved Cybersecurity: The GRC Suite helps organizations adhere to data privacy regulations such as the General Data Protection Regulation (GDPR). This commitment to data privacy builds customer trust and safeguards businesses from potential penalties.
Internal Audit Management: In a rapidly evolving regulatory landscape, audits are becoming more complex and frequent. Traditional approaches like spreadsheets and point solutions are often inadequate. The GRC Suite addresses this challenge by efficiently and effectively utilizing high-quality GRC data. It provides a comprehensive solution for managing internal audits, enabling organizations to stay compliant and mitigate audit-related risks effectively.
By embracing a GRC Suite, organizations can optimize their decision-making processes, enhance cybersecurity, and manage internal audits more efficiently, ultimately driving better risk and compliance management throughout the organization
Findability Sciences has partnered with trusted third-party GRC platforms such as IBM OpenPages and ServiceNow. How do these partnerships enhance the capabilities of the GRC Suite? What value do they bring to enterprises?
Findability Sciences collaborates with clients to enhance their utilization of GRC platforms like IBM® OpenPages & Servicenow. This is achieved by integrating proprietary tools for Natural Language Processing (NLP) and Predictive AI from Findability.AI, as well as leveraging the trademarked CUPPTM methodology.
By supplementing GRC platforms with these advanced technologies, clients can benefit from improved data quality using the Wide Data framework. This leads to enhanced predictability in risk and compliance reporting, enabling better decision-making.
Our team consists of skilled GRC experts who are certified and experienced in utilizing third-party products like IBM® OpenPages and Servicenow. With their strong background in data science, automation, and analytics, they assist clients in implementing and delivering GRC solutions within specified timelines. The focus is on achieving measurable business outcomes and ensuring successful GRC implementation.
What sets Findability Sciences’ GRC Suite apart from other similar offerings in the market? What are the unique features or methodologies that make it stand out?
Findability Sciences has a demonstrated history of harnessing the power of data, cognitive computing and AI to solve complex and critical business challenges and help enterprises accelerate their journey from data to AI. Our GRC Suite leverages our AI micro product assets such as ERP-Max, their AI solutions, and data frameworks such as the CUPPTM (Collect, Unify, Process, and Present) framework which is our proprietary approach for AI development and delivery. This framework enables a systematic and structured approach to building intellectual property and creating efficient and scalable AI solutions.
By utilizing the CUPPTM framework, Findability Sciences engages in DSL (Domain-Specific Language) engagements to develop AI solutions that are tailored to the specific needs and challenges of businesses. The ultimate goal is to deliver effective and scalable AI solutions that help organizations harness the full potential of AI technologies in order to stay ahead of the curve.
How does Findability Sciences’ holistic AI solution, Findability.ai, contribute to the GRC Suite? How does it leverage machine learning, natural language processing, and computer vision to enhance risk management capabilities?
The cutting-edge proprietary offering, the Findability.ai Platform, enables customers across industries and geographies to accelerate their Data-to-AI Journey enabling them to build their own IP and data science capabilities, besides executing strategically to derive real financial ROI. Our comprehensive AI solution involves the collection, analysis, and utilization of various data sources, both structured and unstructured, from internal and external channels. Through cognitive interpretation, we add context to searches, providing a unified view of information accessible through an intuitive interface or API connectivity. We possess the capability to analyze and interpret diverse data types, including unstructured text, allowing for deeper insights. By understanding an individual’s Digital Body Language, we can offer personalized recommendations tailored to their preferences. With the power of machine learning, we continuously expand our subject matter expertise within apps and systems. Our Chatbots engage in meaningful dialogues and deliver sophisticated business solutions with complete automation.Our self-learning AI automates predictive analytics with exceptional accuracy, leveraging historical data to generate continuously updated results that adapt to ever-changing information. Moreover, we have developed an unsupervised, fully autonomous multi-step modeling and prediction process that significantly speeds up the generation of results.
Considering the global presence of Findability Sciences, how does the GRC Suite cater to the specific needs and regulations of different industries and geographies?
GRC Solutions offer a wide range of benefits across various industries and geographies:
BFSI (Banking, Financial Services, and Insurance): Banks, insurance companies, investment firms, and other financial institutions face strict regulatory requirements and ever-changing risk landscapes. GRC Suite helps these organizations effectively manage compliance with financial regulations, assess and mitigate financial risks, and ensure transparent and ethical operations. Many BFSI companies have found GRC Suite valuable in areas such as insurance claims processing, fraud detection, and creditworthiness assessment.
Manufacturing and Consumer Goods: Manufacturing companies encounter challenges related to quality control, supply chain management, and regulatory compliance. GRC Solutions assist these organizations in implementing robust quality management systems, ensuring supply chain transparency and ethical sourcing, managing product safety risks, and complying with industry-specific regulations. This helps optimize manufacturing processes, maintain product quality, and meet regulatory requirements.
Technology: Technology companies face risks such as cybersecurity threats, data privacy concerns, and intellectual property protection. GRC frameworks play a crucial role in managing cybersecurity risks, complying with data protection regulations, ensuring ethical use of technology, and safeguarding intellectual property rights. These solutions help technology companies mitigate risks, enhance data security, and protect their innovations.
In summary, GRC Solutions provide industry-specific benefits by addressing compliance challenges, mitigating risks, and promoting transparency and ethical practices. They enable organizations to operate in a more efficient, secure, and compliant manner, fostering trust among stakeholders and supporting long-term success.
Finally, what is your vision for the future of risk management and the role of AI-powered solutions like the GRC Suite? How do you see it evolving and benefiting enterprises in the long run?
In the near future, GRC software integrated with AI will surpass traditional GRC frameworks and become the dominant standard. This advanced technology will provide leadership teams with unparalleled visibility into business functions and decision outcomes. Companies will be able to efficiently manage their entire GRC function with minimal resources and streamlined processes, without compromising on quality and effectiveness.
The adoption of AI-integrated GRC software will bring significant advantages to organizations, particularly the early adopters, as they navigate an economic and political landscape characterized by volatility, uncertainty, complexity, and ambiguity (VUCA). It will empower them to sustain and thrive in such challenging environments, giving them a substantial competitive edge over their counterparts in the market. This transformation will enable businesses to make informed decisions, enhance risk management, and ensure compliance, ultimately driving success and growth.