Businesses are up against a massive challenge: fraud. The Association of Certified Fraud Examiners (ACFE) released a shocking fact stating that companies are losing about 5% of their earnings to fraud every year. That adds up to a global loss of approx. $4 trillion, a number that’s both shocking and a clear sign of how big the problem is.… Continue reading AI-enabled fraud detection in GRC
IBM OpenPages GRC Services | GRC Consulting – iTechGRC
Author: Cesar Castillo
Impact of AI-Powered GRC Analytics on Businesses: From Data to Decision
Governance, risk management, and compliance (GRC) are the core parts of every organization. Yet, they share a common feature: they form a thick fog, limiting visibility, making paths harder to navigate safely, and increasing the threat of taking an incorrect turn. For several organizations, GRC analytics powered by artificial intelligence (AI) operates as a high-beam… Continue reading Impact of AI-Powered GRC Analytics on Businesses: From Data to Decision
Automated Risk Assessment: Monitor Your Business Risks 24*7
Modern businesses face many risks, from cyber threats to financial crises, and risk management is not merely important; it is critical to staying alive in this competitive environment. According to a study by AICPA and NC State University, 65% of senior finance leaders agree that the volume and complexity of corporate risks have changed “mostly”… Continue reading Automated Risk Assessment: Monitor Your Business Risks 24*7
GRC 101: What is GRC?
Data privacy constantly changes, reflecting our growing unease with how personal data is handled. Imagine every bit of your data—your shopping habits, medical history, even your location at any given moment—being protected under a thick blanket of laws. That’s the goal, but achieving it isn’t simple. In the U.S., no single federal law governs data… Continue reading GRC 101: What is GRC?
New Global Internal Audit Standards in 2024
Achieving a meaningful impact through internal audit is within reach when you focus on what truly matters to stakeholders. By leveraging data, experience, and comparative knowledge, you can develop a valuable perspective on your findings. It’s then crucial to communicate this perspective effectively. In January 2024, the Institute of Internal Auditors (IIA) introduced the Global… Continue reading New Global Internal Audit Standards in 2024
Role of Regulatory Technology in Simplifying Compliance Processes
Did you know that despite rapid technological advancements, approximately 60% of GRC users still rely on manual spreadsheet-based compliance management? It’s a real hassle! For organizations seeking to eliminate such inefficient processes, Regulatory technology is helping companies navigate the often-confusing regulatory compliance model. It’s like having a GPS for your business, showing you the way, and… Continue reading Role of Regulatory Technology in Simplifying Compliance Processes
FTC Rules Protect Against GenAI-led Impersonations: Rule Finalizes to Protect Businesses, and Government from Scams
February 15, 2024, the Federal Trade Commission (FTC) finalized the rules to address AI-enabled impersonation scams to protect consumers, government, and business entities. Generative AI (GenAI) adoption spiked in 2022 with the release of OpenAI’s large language model (LLM)-based tool. The tool’s popularity and widespread adoption across businesses replaced many white-collar positions with AI,… Continue reading FTC Rules Protect Against GenAI-led Impersonations: Rule Finalizes to Protect Businesses, and Government from Scams
5 Compliance Goals of Every Compliance and Risk Leader in 2024
Heightened expectations for transparency and accountability will keep compliance leaders on their toes throughout 2024. There are many storms to weather, thanks to evolving regulations, environmental and climate concerns, as well as rapid tech advancements. Chief Compliance Officers (CCOs) want to reiterate that getting too complacent is not in their vocabulary while working towards their… Continue reading 5 Compliance Goals of Every Compliance and Risk Leader in 2024
Plan Your Firm’s Data Governance Framework: New Trends Await in 2024!
2023 was indeed an insightful year for data owners and data processors. Effective data governance guarantees data integrity and drives better decision-making and business outcomes. During December 2023, the monthly data analysis from a global IT governance research study found nearly 1,351 publicly disclosed security incidents. They also found 2,241,916,765 records breached. By January 2024,… Continue reading Plan Your Firm’s Data Governance Framework: New Trends Await in 2024!
AI and Sustainability Missions Go Hand in Hand!
AI and Sustainability Recently, at COP28, AI was dubbed a powerful tool to combat climate change. Investors, regulators, businesses, and leaders announced several sustainability projects and financial commitments including AI-led initiatives, to reach net-zero goals by 2028. Many cutting-edge tools that leverage AI models and machine learning (ML) algorithms are already incorporated to identify and… Continue reading AI and Sustainability Missions Go Hand in Hand!