New-Age Approach to Governance, Risk, and Compliance Procedures

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New-Age Approach to Governance, Risk, and Compliance Procedures

CFO Tech Outlook | Wednesday, March 16, 2022

Many corporate leaders are already leveraging technologies such as robotic process automation (RPA), artificial intelligence (AI), and machine learning (ML) to streamline and automate governance, risk and compliance within internal processes successfully.

Fremont, CA :  In 2021, businesses persisted to tackle with evolving data-security and data-privacy hurdles. While the IT risk terrain has become more elaborate, there are some nascent tools that are helping level the playing field and make it easier for businesses of all sizes to keep-up with their liabilities.

Data privacy became one of the top risk areas in 2021, therefore, organizations must adapt to a framework which is a tough mandate to fulfil to rely primarily on people and manual processes. Presently, many corporate leaders are still hesitant to use technology such as robotic process automation (RPA), artificial intelligence (AI) and machine learning (ML) to streamline and automate internal processes. But for firms to keep up with regulatory change and achieve compliance efficiently and reliably, business and compliance leaders need to begin to embrace this new technology.

Additionally, cybersecurity concerns maintain to keep IT security, compliance professionals and C-suite executives up at night. Cyber risks have become even more firmly ingrained as an organizational preference and priority post-pandemic. Technologies such as AI and ML hold much promise and can potentially have a profound impact on an organizations’ ability to identify, analyse, and address data security and data privacy risk and meet their legal obligations. In 2022 and beyond, businesses are likely to use technology to keep up with the many moving pieces—such as evolving cyber risks and data privacy requirements.

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