It already has!
Anyone who has had to write a report can benefit from AI and machine learning technology. Apps like ChatGPT have made it easier than ever before to write more concisely and to summarize large sets of data.
For those of you who haven’t used ChatGPT or any other AI solution, let’s start with the basics of how AI works.
Simply put, AI systems are designed to learn from experience. By feeding data into an AI system, it can analyze that data and make predictions or draw conclusions based on its findings.
This process is known as machine learning, and it has already been applied in a variety of fields—from healthcare and finance to logistics and marketing.
So how could this technology be used in the compliance industry? Here’s a quick overview of how AI is being used today.
Keep in mind that these practices haven’t been widely adopted yet, but the future is bright for AI use in the GRC space!
Monitoring Compliance Standards
The most obvious benefit of using AI is that it makes it easier to monitor and measure compliance standards. For example, an AI-powered system can be programmed to scan all incoming documents for any red flags or violations of set laws and regulations.
This type of automation eliminates the need for manual review, saving time and money for organizations who would otherwise have to hire additional staff just to check every document that comes through their doors.
It also ensures that no document goes unchecked, so organizations can be confident they’re always up to date on all applicable laws and regulations.
Streamlining Regulatory Change Management
As organizations grow, they often need to keep track of changing laws and regulations—a task which can quickly become overwhelming without the right tools in place.
With the help of AI, however, organizations can easily detect changes in regulations as soon as they occur, allowing them to quickly update their systems accordingly with minimal disruption or downtime. Plus, an AI-powered system can automate many of the tedious tasks associated with regulatory change management such as updating policies or alerting stakeholders when necessary.
This helps companies save time, money, and resources while staying compliant at all times.
Determining Risk Levels
AI can help identify risk levels within different processes or operations within an organization. By analyzing data from many sources (such as financial documents or customer records), an AI-powered system can detect patterns or anomalies which may indicate risk levels within a particular process or operation—allowing organizations to take preemptive action before any issues arise.
This not only helps companies stay compliant but also saves them from costly fines should any issues slip through unnoticed due to human error or negligence.
Improved Security Posture
AI also has the potential to significantly improve an organization’s security posture because it can detect malicious behavior more quickly than humans. For example, an AI-driven system could be used to monitor user activity for anomalous behavior that could indicate a security breach or attack.
By monitoring user activity in real-time, organizations can stay ahead of any threats before they become serious.
Additionally, AI solutions can also be used to automate processes such as patching vulnerabilities or scanning for malware which would take a significant amount of time if done manually.
In addition to automation, AI can also be used for data analysis. With advanced algorithms and machine learning capabilities, AI systems can quickly and accurately analyze large datasets and identify patterns or anomalies that may have gone unnoticed by humans.
This kind of deep dive into an organization’s data can help compliance professionals uncover hidden risks or opportunities that could otherwise have been missed.
Accelerating the workflow
There are many potential benefits that come with using AI for compliance purposes—from automation to improved security measures—all of which could have a significant impact on how businesses approach compliance in the future.
For security practitioners and compliance professionals alike, incorporating AI into existing systems will be key to staying ahead of potential threats while keeping customer data safe from hackers or malicious actors.
While we’ve covered most applications in this article, there’s a chance that new ways of using AI for compliance management haven’t even been discovered yet!
All in all, organizations would be best served by investing in AI once it’s determined that significant time and money can be saved through its application in their compliance program.
Until then, we recommend keeping an eye on its development and potential in the coming years!
Verity GRC uses AI to to automate the propagation of shared assessment values across all systems that leverage them. Contact us today to learn more about how we can help you save time.