AI is dominating our conversations at work, and there’s a buzz about its transformative power. Yet, amidst the excitement, the practicality of integrating AI within governance, risk management, and compliance (GRC) frameworks poses intriguing dilemmas.
AI is transitioning GRC from a bureaucratic necessity to a strategic catalyst for enhancing business performance and resilience. It promises risk professionals a new lens to enhance risk awareness, decision-making, third-party assessments, and audit processes, all integrated with your existing GRC platforms. However, the excitement is met with an equal measure of caution as the inherent risks of AI come to light.
Industry experts Michael Rasmussen, Sam Abadir, and John Michelsen introduce a GRC-centric perspective to the age-old paradox of the chicken and the egg. They unveil how an AI can elegantly address both sides of the debate using intuitive systems to remove training needs.
In this webinar, you will learn the following:
AI's Role in Managing Risk
Sam Abadir discusses the benefits of AI and automation in reducing friction between users and GRC tools, enhancing data collection, and improving the user experience. He highlights using AI to simplify complex GRC processes and ensure real-time compliance and risk management.
Governing AI
Michael Rasmussen explains the dual need to use AI for GRC and to govern AI itself. He explains the complexities and risks associated with AI, including data privacy, potential bias, and the need for a structured approach to AI governance. Michael emphasizes AI's ability to extend subject matter expertise and improve productivity while maintaining ethical and legal standards.
Technological Advancements and Orchestration
John Michelsen provides an overview of how technical and user interface advancements are automating routine tasks, thereby enhancing the efficiency and effectiveness of GRC functions. He highlights the need for risk professionals to adopt AI to manage the increasing complexity of regulatory environments.
Practical Applications and Challenges
Michael, Sam, and John discuss practical applications of AI in GRC, including real-time transaction monitoring, anomaly detection, and regulatory compliance. They stress the importance of a balanced approach, ensuring that AI is used responsibly and effectively.