Automation and AI in GRC: Regulatory Inventory Solutions for Financial Services
Financial firms face overwhelming regulatory complexity. New provisions continuously emerge from multiple oversight bodies at both national and local levels. New business activities also create further regulatory requirements.
Nevertheless, many companies still track changes through fragmented, manual methods across siloed business units. They find it virtually impossible to achieve a unified view of evolving regulatory obligations. Thus, they cannot smoothly generate compliance insights and integrate them into enterprise governance, risk management and compliance (GRC) activities.
Regulators, however, show no signs of slowing down regulatory change or easing regulatory pressure. They expect financial services institutions to take effective and proactive GRC stances. They also can impose substantial penalties for non-compliance.
