Artificially intelligent GRC Tools, software and solutions

Advanced GRC Software

GRC is an abbreviation of Governance, Risk and Compliance. The GRC model aligns risk, compliance and IT with organizational business objectives. Modern GRC software solutions offer a preferred approach towards regulatory compliance – benefitting banking and financial services organizations by enhancing efficiency, competitiveness and profitability.

Governance, risk, and compliance management and reporting have traditionally been managed manually by organizations, often resulting in data silos, conflicting or overlapping processes and inefficiency. Today’s risk and compliance stakeholders recognize that aligning business units with risk and compliance processes and data management better positions banking and financial services organizations to succeed. A unified GRC software solutions approach enables management to ensure that organizations are holistically coordinated when it comes to governance, risk, and compliance initiatives – resulting in higher efficiency and lower costs. Today’s GRC software offer full, out-of-the-box GRC solutions as well as individual GRC software tools.

What are the Challenges Solved by GRC Tools?

GRC solutions enhance risk and compliance productivity, communication and efficiency through workflow automation, predictive data insights and automated monitoring. In today’s fast-paced regulatory environment, legacy software and manual processes introduce inefficiencies that create challenges across the organization:

Business units rely on disparate or siloed risk, compliance and governance data
Without a centralized GRC system approach, management is unable to holistically assess the risk and compliance status of the organization
Important documents distributed between various email threads, inboxes, computers, and files
Organizations lack systematic management of audits, vendors and policies

The Benefits of Today’s GRC Solutions

Modern GRC tools empower organizations to optimize risk and compliance initiatives while increasing efficiency. GRC tools enable businesses to improve monitoring and reporting by automating many processes of risk and compliance management and by streamlining workflows, which increases productivity and effectiveness of the risk and compliance team. Today’s GRC tools deliver up-to-date risk and compliance visibility throughout the entire organization – from the first line of defense to the board of directors.

Lowers risk and compliance management costs
Provides stakeholders with a holistic view of the organization’s risk and compliance issues in one centralized, up-to-date tool
Generates reports, assigns and tracks follow-up-actions, and audits activities
Automatically creates alerts and notifications based on user activities and profiles

The Predict360 Platform

As an integrated governance, risk and compliance (GRC) platform built on artificial intelligence, Predict360 automates many tasks and workflows while improving quality and value of compliance and risk activity execution through a single platform.
Predict360’s GRC flatform offers solutions for compliance management, risk management, regulatory change management, safety management, policy and procedure management, vendor management, learning management, audit management, and more.
Our Compliance Management solution has been exclusively endorsed by the American Bankers Association
The GRC Platform is designed specially to meet the needs of mid-sized banking and financial services organizations
Modular, scalable solution approach enables organizations to solve immediate GRC challenges and scale when ready
Cloud-based, SaaS solution – no IT projects means customers can deploy in weeks versus months or quarters

Modern GRC Tool Value

The importance of governance, risk, and compliance is that it allows businesses to achieve higher productivity, avoid monetary and reputational losses, and make better business decisions. Governance, Risk, and Compliance (GRC) increases productivity through automation and streamlined workflows for risk and compliance processes. It helps avoid monetary and reputational losses through monitoring. GRC helps the board make better decisions by delivering them better reports, insights, and risk predictions.

To truly understand the importance of GRC tools, we need to understand the change that they can bring to an organization. Managing risk and compliance is not optional – it is an integral part of any business that operates in a heavily regulated industry like finance, healthcare, or oil and gas. Businesses that do not employ GRC tools must thus manage risk and compliance through other, less efficient means.

Alternatives to GRC Tools

Most small businesses manage risk and compliance through general purpose software rather than purpose-built GRC tools. The software most commonly used is Microsoft Excel. Microsoft Excel plays a major role in the financial sector. While Excel may be the best solution possible for crunching numbers, analyzing trends, and keeping records, it is not the ideal solution for risk or compliance management.

That is because keeping records is just a part of risk and compliance. Risk and compliance are also not concerned primarily with numbers – some calculations are involved, but a lot of the information is present in the form of documents.

GRC Tools Link Risk and Compliance

The most important differentiation between GRC tools and using Microsoft Excel for risk and compliance is that GRC tools allow businesses to map links between risk and compliance concerns. GRC tools work on a centralized platform. This means that if new data is entered into the system, it automatically appears in all the documents it should be linked to. So, if a new compliance issue is generated, it will automatically be placed in a compliance report. If new data is entered about a risk, it will automatically be displayed wherever the risk is displayed.

This saves a lot of labor hours and allows the risk and compliance departments to work faster. It also allows the organization to gain a better grasp on the risk and compliance activities across the organization. Since everything is interconnected, it is easy to grasp the effect one activity has on another process.

Governance, Risk and Compliance Software