As organizations look to harness the power of next-generation technologies and thrive in the era of the Fourth Industrial Revolution, the focus on data is now more critical than ever. It wouldn’t be wrong to say that it is data that runs the modern enterprise in today’s digitized world.
It’s often said that data is the new oil. However, data in itself cannot drive business value—it is only when it is transformed into actionable intelligence that it can enable effective decision-making.
That said, many organizations today lack common taxonomies and structured processes, resulting in unstructured data which is difficult to analyze. This is a major challenge for risk, audit, compliance, and IT & cyber teams as they end up spending most of their time going through this data rather than analyzing it for making strategic business decisions.
Streamlining the processes and workflow and automating them with the right set of tools and technologies is an absolute must for unlocking the true potential of data. By leveraging artificial intelligence (AI), organizations can quickly get insights, identify patterns, avoid duplicate effort, apply the right actions, and better focus on decision-making that helps the business.
Organizations today operate in a complex and unsettled business environment with amplified digital interconnectedness of people, processes, systems, and organizations, rapidly evolving risk and regulatory landscape, geopolitical uncertainty, and more. Furthermore, recent risk events, such as the pandemic, have underscored the importance of a future-ready GRC framework as organizations had an extremely short window of time to act.
Here, AI can be a gamechanger. It can empower organizations to break free from the clutches of siloed operations and facilitate integration and harmonization. Most importantly, it can drastically improve the speed at which risk, audit, compliance, and IT & cyber teams can locate relevant data and information, thereby expediting quick and fact-based decision-making.
AI is an integral component of the MetricStream Platform, deployed and operationalized using cloud-first practices, and can be used to build any model or automate any GRC use case. MetricStream currently offers pre-built AI-powered recommendations to transform and automate GRC processes. It automatically provides key recommendations to users based on the historical patterns, so that organizations can further improve user experience and drive intelligent business decisions.
Here are some of the areas where we are bringing AI capabilities:
Issue & Action Management: MetricStream uses the core strength of AI by leveraging semantic analytics with natural language processing that can be used to identify patterns in issues and actions that can originate from any program – be it enterprise and operational risk, compliance, audit, third-party, or IT & cybersecurity. MetricStream’s AI-powered issue and action management provides recommendations to categorize issues based on their semantic similarity and automatically recommends duplicate issues and best possible action plans based on historical trends and business context.
Smart Policy Search: MetricStream’s AI-powered smart policy search simplifies the task of searching for policies using a natural language processing (NLP) based semantic search. It improves search accuracy by understanding the searcher’s intent through contextual meaning.
Observations Triage: As organizations are increasingly enabling the frontline to capture observations, they will have to manage a large number of observations. With such a high volume of observations being reported, the triage process becomes tedious. MetricStream AI-powered recommendation automatically provides recommendations to classify observations as a case, incident, issue, or loss event. This enhances the efficiency of the triage team.
Risk Scoring of Third Parties: As part of risk assessments, third parties must periodically submit detailed SOC2 and SOC3 reports as evidence of robust compliance and controls in their infrastructure and security. MetricStream AI-powered recommendations for third-party risk can automatically extract content from SOC2 and SOC3 reports, compute, and risk rank the third parties based on the number and type of anomalies in the report.
To learn more about MetricStream’s AI capabilities, click here.