A myriad of organizations are now incorporating AI into their approach to risk and compliance management. These tools in no way replace the work being done by compliance professionals and instead provide them with additional time to bring more value to their organizations by focusing on strategy.

If your team is searching for a way to improve your processes, consider these five ways in which AI assisted GRC software can help. This includes automation, real-time detection of emerging risks, predictive insights, data-driven decision-making, and streamlined audit trails.

Teams are using AI assisted GRC software to transform the way they approach risk and compliance.

Automation of Routine Workflows

Certain compliance tasks consume valuable time on an everyday basis, taking resources away from potentially critical strategic initiatives. Using AI-assisted software automates these tasks for your team, including:

  • Data collection
  • Documentation
  • Report generation

Removing manual data handling from the equation also helps mitigate human error, whether it be inaccuracies or omissions from certain business units. The software will consolidate all the information received automatically and present it in the required format for reporting.

Real-Time Compliance Monitoring

Continuous compliance monitoring, versus periodic risk assessments, has been proven to reduce compliance-related mistakes by 75%, according to a study by PwC. The study also found that GenAI tools can predict and identify regulatory changes with an accuracy of 90%.

AI assisted processes are the best way to be proactive about compliance monitoring. The vast amount of data that needs to be sifted through, as well as the continuous oversight by regulatory bodies in key industries alone make staying ahead essential.

Proactive Risk Management

Apart from monitoring regulatory change in real time, using a platform like Predict360 also allows your organization to analyze patterns and trends. Your team can then use this data to create strategies to help mitigate potential risks before they even happen.

Integrating an AI assistant into this software can help teams understand how different factors affect risk and compliance, thereby predicting the possible outcomes of specific situations and making a proactive decision.

Data-Driven Decision Making

More data is not always better if interpreted incorrectly. GRC software helps your organization both gather as much information as possible and interpret it faster than manual processing can. These AI-assisted analytics extract meaningful patterns from this data, allowing compliance officers to see the bigger picture, with fewer biases.

Streamlined Audit Trails

One of the key areas where AI-assisted software can change the way your organization handles compliance is auditing. These tools replace manual reviews of documentation to help your team understand what may be:

  • Missing
  • Outdated
  • Potentially problematic

These records are transparent and verifiable, allowing regulators to see how committed your organization is to compliance standards. The additional benefits of streamlining your audits trails includes:

  • Positive interaction with regulators
  • Better organizational reputation
  • A decrease in audit durations

The key takeaway for compliance experts looking at investing in AI assisted risk management software, is that doing so will transform your organization’s compliance culture. By saving resources and anticipating regulatory change, your team can stay ahead of future shifts in technology and emerging risks.

AI Assisted GRC Solutions

When weighing your team’s options for AI assisted solutions, you should consider choosing a tool that is already purpose-built for the financial sector. Rather than providing generic input (as one would from a regular generative AI search engine), AI assistants like Ask Kaia are precise and trained on US federal banking regulations.

This tool integrates directly into the Predict360 platform or can be used as a standalone application to provide expert knowledge, interpret complex regulations, and help experts make data-driven decisions. Learn more about the key features of Ask Kaia:

Feature Description
Regulatory Q&A Answers complex U.S. banking compliance questions with citations to underlying regulations.
Policy & Document Drafting Helps draft and refine policies, procedures, and disclosures aligned to current regulations.
Regulatory Change Mapping Interprets new rules and helps map them to existing controls, risks, and obligations.
Compliance Review Assistant Assists in reviewing content (e.g., marketing, forms) for potential compliance issues.
Predict360 Integration Natively integrated with Predict360 to use firm-specific data, controls, and risk frameworks.

Get in touch with our team or request a demo of Ask Kaia to learn more about how your team can benefit.

AI Assisted Software

Still have questions about how AI can help your organization manage risk and compliance? Read on to see some commonly asked questions and their answers.

Does GRC software replace compliance professionals?

No. AI assisted workflows are designed to complement the work already being done by compliance teams. It simply frees up time for these experts to focus on strategy and regulatory interpretation.

What are some main concerns to consider when implementing AI software?

There are several key areas to pay mind to, including:

  • Data quality
  • Context sensitivity
  • Ongoing maintenance and monitoring of systems
  • Clear frameworks for security and access
How does AI assistance fare with constant change in regulations?

Compliance software continuously monitors external regulatory sources to automatically identify any changes. It gleans this information from various sources relevant to the financial sector, including:

  • Legal databases
  • Government publications
  • Industry standards