Why Organizations Need Predict360 in Their GRC Technology Stack

Due to the interdependent nature of regulatory compliance, organizations face a complicated set of challenges when it comes to GRC management. Manual approaches to risk management, where different departments are traditionally siloed, have become increasingly inefficient.

This opens organizations up to compliance gaps, penalties, and the possibility of negative reputational consequences. The use of GRC technology changes all this with its AI-powered processes.

The Complexity of GRC Management

According to NAVEX’s 2023 State Risk and Compliance Report, only 53% of organizations believed their GRC programs to be mature. This indicates that the current landscape demands more than what a lot of organizations are equipped for.

Some of the key complexities influencing these demands are:

• Rising stakeholder scrutiny
• Evolving regulatory frameworks
• Intricate third-party relationships

Along with these developments, issues like cybersecurity and data privacy have come into play. Because of outdated infrastructure in their technology stack, organizations begin to experience risk and compliance breakdowns, which becomes costly. This outcome has led the industry to call for better solutions to manage compliance.

What Sets Predict360 Apart

There are various aspects that set GRC technology, like Predict360, apart from the rest, making it a vital part of your organization’s infrastructure. The platform integrates KRIs, regulations and requirements, policies and procedures, audit activities, and training within a unified system.

This consolidation of features allows teams within organizations to see the entire picture regarding risk and compliance activities. The platform is also flexible, allowing users to tailor features around their features that align with their needs. This reduces the complexity facing organizations within the landscape, boosts productivity, and limits costs associated with multiple software solutions that serve the same purpose.

Organizations will benefit from the following key features:

Automation and Workflow Efficiency

Predict360 has the ability to automate tasks and compliance with workflows. In contrast, manual compliance monitoring, regulatory tracking, and audit management consume enormous amounts of organizational resources.

Instead, our GRC technology streamlines these processes through automation, reducing human error and freeing teams to focus on strategic risk management. By mapping regulations and attaching work documents within a single integrated platform, organizations dramatically reduce testing duplication across departments.

Predictive Analytics and Risk Intelligence

Predict360 leverages predictive analytics and actionable insights to identify and mitigate risks before they materialize. This switches up the organization’s approach to a proactive management stance, instead of traditional reactive compliance.

This allows teams to:

• Anticipate regulatory changes
• Identify vulnerabilities in their strategies
• Address compliance gaps earlier

The platform’s Risk Insights module with KRI Engine provides continuous risk monitoring and assessment, replacing outdated annual risk assessment practices. These real-time dashboards and alerts enable risk and compliance teams to respond immediately to emerging issues rather than wait for data to be revealed during quarterly reviews or external audits.

Unified Visibility and Data Integration

As discussed above, one of the biggest challenges in risk management is creating visibility across departments. By creating a holistic view of where these teams intersect, Predict360 consolidates this data so that organizations can operate from a single source of truth.

Risk and compliance experts equipped with this broader understanding of the data are then able to make better decisions. This decision-making process is also clear to leadership via executive dashboards that show real-time compliance intelligence.

Regulatory Change Management

The platform’s Regulatory Change Management application tracks any updates or changes to regulatory requirements. This allows teams to manage all associated activities and documents under one system, initiating the appropriate compliance workflow. This is particularly useful to keep track of:

• Complete audit trails
• Visibility on all decisions taken

Rapid Deployment and Ease of Implementation

One of the leading concerns organizations have about adding new GRC technology to their stack is the lengthy implementation time. Predict360 allows teams to bypass this process with rapid deployment that is complete within days, rather than months.

The interface is intuitive and does not require specialized technical expertise, meaning users can begin capturing compliance data and automating risk management processes without a significant transition period.

Industry Recognition and Endorsement

Predict360 is a trusted tool for a range of organizations to manage risk and keep up with compliance requirements. Its credibility is reinforced by the fact that the platform is:

• In use by leading US banks, credit unions, insurance companies, and financial services organizations
• SOC 2 Type II certified

The Business Value of Integrated GRC

According to the 2024 GRC Strategies, Teams and Outcomes Report conducted by Osterman Research, 59% of organizations adopting a single integrated GRC platform reported they now manage risk more effectively.

This demonstrates how far-reaching the benefits of adopting an integrated platform like Predict360 into your technology stack can be, including:

• Improved decision-making
• Accurate risk understanding
• Enhanced risk mitigation
• Operational efficiency
• Increased trust with stakeholders

As organizations assess the evolution of regulatory compliance and growing complexity of GRC practices and expectations from stakeholders, it becomes important to identify modern solutions. Building a proactive framework for risk and compliance management requires a platform like Predict360. By integrating automation, unified visibility, predictive insights, and rapid deployment, it is possible to foster a culture of risk that matches the current landscape.