How AI puts the power of analytics in every GRC professional's hands
For governance, risk, and compliance (GRC) professionals, the need to harness analytics is becoming increasingly critical. However, diving into analytics can be daunting, particularly because it requires specialized skills that many GRC teams lack. This is where artificial intelligence (AI) can bring new efficiencies, transforming the way auditors, risk managers and other GRC professionals approach analytics.
Unlocking analytics for all
Traditionally, building analytic scripts required deep technical knowledge, often necessitating the involvement of data scientists or specialized analysts. For GRC teams, this meant that exploring new areas of risk or compliance through analytics was frequently a slow and cumbersome process. AI changes this dynamic by allowing GRC professionals to focus on what they do best: asking the right questions. The AI handles the complex task of script building, translating those questions into powerful, actionable insights.
Speed and agility in GRC initiatives
Many teams report that creating a new automation can take up to two full months to create, test and revise. While these users often have success showcasing value (such as identifying duplicate payments that can be eliminated), they may struggle to keep up with requests from other teams or even invest their own time in building additional scripts due to limited resources and bandwidth constraints.
One of the most significant advantages of using AI to build analytic scripts is the speed with which GRC teams can now operate. By automating the script-writing process, AI enables teams to rapidly develop and deploy analytics aligned to key priorities or in response to emerging risks or compliance issues. This agility is crucial in today’s fast-paced business environment, where the ability to quickly adapt to new challenges can make all the difference.
Expanding into new areas
As many teams look to automate key risk indicators, they're often wondering how to get started as it falls outside of the standard audit use cases (duplicate payments, keyword search, etc.). AI also opens doors to areas previously unexplored due to resource constraints. Without the need for specialized scripting skills, GRC teams can venture into new domains of risk and compliance, applying analytics in ways that were previously out of reach — and more quickly than ever before. This not only broadens the scope of GRC initiatives but also enhances the overall effectiveness of risk management strategies.
Democratizing analytics
Perhaps the most profound impact of AI in this context is its ability to democratize analytics. By lowering or in some cases removing the technical barriers, Diligent ACL's AI Script Assistant puts the power of analytics into the hands of more users within the organization. This fosters a more data-driven culture, where insights are not confined to a select few but are accessible to anyone with the right questions.
Some of the questions they can ask now include:
- What data can I access to improve our key risk monitoring?
- Which manual processes in our risk management or audit procedures can be automated?
- How can we integrate real-time data analysis into our board or leadership reporting?
- What additional scenarios or edge cases should we include in our testing to capture a broader range of risk?
- Are there any emerging risks or trends we should incorporate into our model?
Diligent ACL with AI is more than just a tool; it’s a partner that empowers GRC professionals to leverage analytics with unprecedented ease and efficiency. By focusing on the questions that matter and letting AI handle the rest, GRC teams can move faster, explore new areas and deliver better insights to executives and directors, so they ultimately can make more informed decisions.
The future of GRC is here, and it’s powered by AI. Learn more about Diligent ACL with AI today.
