Governance Risk and Compliance

What is GRC?

GRC (governance, risk & compliance) is an organizational strategy for managing governance, risk management, and compliance with regulations. It includes software capabilities for implementing and managing an enterprise GRC program. GRC helps companies align IT with business objectives, manage risks, reduce costs, and meet compliance requirements. It improves decision-making and performance through an integrated view of risk management.

Download AI in GRC Brochure
Download Use Cases for AI in BFSI

Governance

Risk

Compliance

KEY
PARTNERS

Why GRC?

By implementing GRC programs, businesses can make better decisions in a risk-aware environment. An effective GRC program helps key stakeholders set policies from a shared perspective and comply with regulatory requirements. With GRC, the entire company comes together in its policies, decisions, and actions.

The following are some benefits of implementing a GRC strategy at your organization:

Data-driven decision-making

You can make data-driven decisions within a shorter time frame by monitoring your resources, setting up rules or frameworks, and using GRC software and tools.

Why GRC?

Responsible operations

GRC streamlines operations around a common culture that promotes ethical values and creates healthy environment for growth. It guides strong organizational culture development and ethical decision-making in the organization.

 

Improved cybersecurity

With an integrated GRC approach, businesses can employ data security measures to protect customer data and private information. Implementing a GRC strategy is essential for your organization due to increasing cyber risk that threatens users’  data and privacy. It helps organizations comply with data privacy regulations like the General Data Protection Regulation (GDPR). With a GRC IT strategy, you build customer trust and protect your business from penalties.

  • IBM OpenPages
  • ServiceNow GRC

IBM OpenPages

Is an AI-driven governance, risk and compliance (GRC) platform. Built to help organizations manage risk and regulatory compliance challenges. Using AI capabilities from IBM Watson®, the OpenPages platform consolidates disparate GRC systems and centralizes siloed risk management functions in one integrated solution. This helps reduce the cost of maintaining multiple solutions.

Learn More

Overview of Services Offered

  • Findability Sciences helps clients optimize their use of GRC platforms such as IBM® OpenPages, Servicenow, and MetricStream by supplementing them with proprietary tools for NLP and Predictive AI (Findability.AI), and the trademarked CUPPTM
  • Clients can maintain better quality of data by leveraging the Wide Data framework, resulting in better predictability of the risk and compliance reporting.
  • Our skilled team of GRC experts are trained and certified in the use of third-party products such as IBM® OpenPages and Servicenow. Their strong background in data science, automation and analytics helps our clients implement and deliver GRC solutions on time and delivering measurable business Outcomes.

 

  • Findability Sciences works both with pre-configured GRC systems and provide customized integration services for third-party applications.
  • We help clients automate dashboards and reports in their GRC application of choice.
  • Clients can also benefit from testing and performance monitoring services for their GRC installations. Our custom-built, conversational AI based regulatory reporting can simplify the reviewing of GRC data by leadership.

 

1

GRC Consulting

2

GRC Applications

Success Stories

THE PROBLEM

• Multiple Data Sources which were mostly internal and not leveraging External Data Source
• Risk and compliance operations were managed via spreadsheets and manual reporting
• Lacked Timely Response both for internal Audits and Franchisee locations.

THE SOLUTION

• Implemented the Findability Sciences Wide Data to integrate Internal & External Data
• GRC tool for Audit and Compliance landscape that Automated the process.
• Hybrid Solution that had both Cloud and On Prem Access

Learn more

Success Stories

THE PROBLEM

• Data definition and governance issues that have been impacting the availability of data for analysis and insight.
• Business Units and Data Generated in multiple continents with unique local governance and compliance needs

THE SOLUTION

• Implemented the FS CUPPTM Framework for Collection, Unification, Processing and Presentation of Data
• Integration of Data from large ERP & CRM Systems using FS ERP MAX

Learn more

Success Stories

THE PROBLEM

• Culture of Risk not shared clearly among all the divisions and users.
• No clear Communication of Risks and Events across different stake holders.
• No real-time view of relationships between risks, controls and issues across the company

THE SOLUTION

• Built on IBM Open Pages modules used OpRisk, Policy & Compliance
• Integration of Data from internal 7 external sources using FS’s Wide Data concept
• On the Cloud

Learn more

Success Stories

THE PROBLEM

• Current risk operations were managed via spreadsheets, with
reports created manually.
• Lack of timely response to the business and regulators, nor had a total view of risk exposure across the enterprise.

THE SOLUTION

• Findability AI resolved compliance challenges with their OpenPages solution, featuring OpRisk and Policy & Compliance modules accessible on the cloud.

Learn more

ServiceNow GRC

ServiceNow Governance, Risk, and Compliance (GRC) helps transform inefficient processes across your extended enterprise into an integrated risk program. Through continuous monitoring and automation ServiceNow delivers a real-time view of compliance and risk, improves decision making, and increases performance across your organization and with vendors. Only ServiceNow can connect the business, security, and IT with an integrated risk framework that transforms manual, siloed, and inefficient processes into a unified program built on a single platform.

Learn More

Overview of Services Offered

  • Findability Sciences helps clients optimize their use of GRC platforms such as IBM® OpenPages, Servicenow, and MetricStream by supplementing them with proprietary tools for NLP and Predictive AI (Findability.AI), and the trademarked CUPPTM
  • Clients can maintain better quality of data by leveraging the Wide Data framework, resulting in better predictability of the risk and compliance reporting.
  • Our skilled team of GRC experts are trained and certified in the use of third-party products such as IBM® OpenPages and Servicenow. Their strong background in data science, automation and analytics helps our clients implement and deliver GRC solutions on time and delivering measurable business Outcomes.

 

  • Findability Sciences works both with pre-configured GRC systems and provide customized integration services for third-party applications.
  • We help clients automate dashboards and reports in their GRC application of choice.
  • Clients can also benefit from testing and performance monitoring services for their GRC installations. Our custom-built, conversational AI based regulatory reporting can simplify the reviewing of GRC data by leadership.

 

1

GRC Consulting

2

GRC Applications

IBM OpenPages

Is an AI-driven governance, risk and compliance (GRC) platform. Built to help organizations manage risk and regulatory compliance challenges. Using AI capabilities from IBM Watson®, the OpenPages platform consolidates disparate GRC systems and centralizes siloed risk management functions in one integrated solution. This helps reduce the cost of maintaining multiple solutions.

Learn More

Overview of Services Offered

  • Findability Sciences helps clients optimize their use of GRC platforms such as IBM® OpenPages, Servicenow, and MetricStream by supplementing them with proprietary tools for NLP and Predictive AI (Findability.AI), and the trademarked CUPPTM
  • Clients can maintain better quality of data by leveraging the Wide Data framework, resulting in better predictability of the risk and compliance reporting.
  • Our skilled team of GRC experts are trained and certified in the use of third-party products such as IBM® OpenPages and Servicenow. Their strong background in data science, automation and analytics helps our clients implement and deliver GRC solutions on time and delivering measurable business Outcomes.

 

  • Findability Sciences works both with pre-configured GRC systems and provide customized integration services for third-party applications.
  • We help clients automate dashboards and reports in their GRC application of choice.
  • Clients can also benefit from testing and performance monitoring services for their GRC installations. Our custom-built, conversational AI based regulatory reporting can simplify the reviewing of GRC data by leadership.

 

1

GRC Consulting

2

GRC Applications

Success Stories

THE PROBLEM

• Multiple Data Sources which were mostly internal and not leveraging External Data Source
• Risk and compliance operations were managed via spreadsheets and manual reporting
• Lacked Timely Response both for internal Audits and Franchisee locations.

THE SOLUTION

• Implemented the Findability Sciences Wide Data to integrate Internal & External Data
• GRC tool for Audit and Compliance landscape that Automated the process.
• Hybrid Solution that had both Cloud and On Prem Access

Learn more
Learn more

Success Stories

THE PROBLEM

• Data definition and governance issues that have been impacting the availability of data for analysis and insight.
• Business Units and Data Generated in multiple continents with unique local governance and compliance needs

THE SOLUTION

• Implemented the FS CUPPTM Framework for Collection, Unification, Processing and Presentation of Data
• Integration of Data from large ERP & CRM Systems using FS ERP MAX

Learn more
Learn more

Success Stories

THE PROBLEM

• Culture of Risk not shared clearly among all the divisions and users.
• No clear Communication of Risks and Events across different stake holders.
• No real-time view of relationships between risks, controls and issues across the company

THE SOLUTION

• Built on IBM Open Pages modules used OpRisk, Policy & Compliance
• Integration of Data from internal 7 external sources using FS’s Wide Data concept
• On the Cloud

Learn more
Learn more

Success Stories

THE PROBLEM

• Current risk operations were managed via spreadsheets, with
reports created manually.
• Lack of timely response to the business and regulators, nor had a total view of risk exposure across the enterprise.

THE SOLUTION

• Findability AI resolved compliance challenges with their OpenPages solution, featuring OpRisk and Policy & Compliance modules accessible on the cloud.

Learn more
Learn more
ServiceNow GRC

ServiceNow Governance, Risk, and Compliance (GRC) helps transform inefficient processes across your extended enterprise into an integrated risk program. Through continuous monitoring and automation ServiceNow delivers a real-time view of compliance and risk, improves decision making, and increases performance across your organization and with vendors. Only ServiceNow can connect the business, security, and IT with an integrated risk framework that transforms manual, siloed, and inefficient processes into a unified program built on a single platform.

Learn More

Overview of Services Offered

  • Findability Sciences helps clients optimize their use of GRC platforms such as IBM® OpenPages, Servicenow, and MetricStream by supplementing them with proprietary tools for NLP and Predictive AI (Findability.AI), and the trademarked CUPPTM
  • Clients can maintain better quality of data by leveraging the Wide Data framework, resulting in better predictability of the risk and compliance reporting.
  • Our skilled team of GRC experts are trained and certified in the use of third-party products such as IBM® OpenPages and Servicenow. Their strong background in data science, automation and analytics helps our clients implement and deliver GRC solutions on time and delivering measurable business Outcomes.

 

  • Findability Sciences works both with pre-configured GRC systems and provide customized integration services for third-party applications.
  • We help clients automate dashboards and reports in their GRC application of choice.
  • Clients can also benefit from testing and performance monitoring services for their GRC installations. Our custom-built, conversational AI based regulatory reporting can simplify the reviewing of GRC data by leadership.

 

1

GRC Consulting

2

GRC Applications

GRC Tools

GRC tools are a way to manage operations and ensure a company is meeting compliance and risk standards. Tools can also help determine and mitigate risks associated with use, ownership, operation, involvement, influence, and adoption of IT within a company. GRC tools should encompass operational risk, policy and compliance, IT governance, and internal auditing.

Effective GRC tools create and distribute policies and controls and map them to regulations and compliance requirements. They help assess whether controls have been deployed, are functioning correctly, and are improving risk assessment and mitigation.

Srini "Balaji" Krishnamoorthy

Sr VP - AI Services

Balaji believes that applying the power of AI is key to staying ahead in today's fast-paced business landscape. He is the Head of Findability Labs, a leading provider of AI-powered solutions for businesses. With his extensive experience in the Fintech industry, Balaji specializes in using predictive and prescriptive analytics to solve complex business challenges and drive significant financial returns for global organizations.

Set up a Call with Balaji

Governance, Risk & Compliance For Banking and Financial Institution

AI is rapidly transforming the way organizations approach Governance, Risk Management, and Compliance (GRC). AI-powered tools and services are becoming increasingly prevalent in the areas of governance, risk analysis, and compliance to help organizations navigate complex regulatory landscapes and improve decision-making.

AI in GRC enables organizations to automate compliance processes, monitor risk more effectively, and optimize governance structures. AI in governance can help organizations streamline decision-making processes and improve transparency in decision-making. AI in risk analysis can assist organizations in identifying and managing risks proactively, and AI in compliance can help ensure that organizations comply with relevant regulations and policies. AI governance service providers offer AI-powered tools and services that help organizations establish, monitor, and optimize governance structures. AI risk management service providers offer AI-powered risk management tools and services that help organizations identify, assess, and mitigate risks. AI compliance service providers offer AI-powered tools and services that help organizations comply with regulations and policies.

AI data unification can also play a critical role in GRC. It involves the use of AI algorithms to unify disparate data sources into a single source of truth, allowing organizations to gain a more comprehensive understanding of their risk and compliance landscape. Finally, Governance Risk Management and Compliance software solutions combine AI-powered tools and services with traditional GRC software to offer a comprehensive suite of GRC services. These solutions are designed to help organizations improve compliance, mitigate risk, and optimize governance structures using the latest AI technologies.

FAQs

What is GRC in the context of banking and financial institutions?

GRC (Governance, Risk Management, and Compliance) is a framework that helps banks and financial institutions ensure that they are operating in a responsible and sustainable manner. In the context of banking and financial institutions, GRC encompasses the policies, processes, and systems that are put in place to manage risks, ensure regulatory compliance, and maintain the integrity of financial systems.

Why is GRC important for banking and financial institutions?

GRC is crucial for banking and financial institutions because they operate in a highly regulated industry with complex compliance requirements. GRC helps organizations to manage risk effectively, maintain compliance with regulations, and build trust with stakeholders, including customers, regulators, and investors.

What are the key elements of a GRC framework for banking and financial institutions?

The key elements of a GRC framework for banking and financial institutions include:
. Governance: The processes and structures that guide decision-making and ensure accountability at all levels of the organization.
. Risk management: The identification, assessment, and management of risks that could affect the organization's operations or reputation.
. Compliance: The adherence to regulatory requirements and industry best practices, including anti-money laundering (AML) regulations, Know Your Customer (KYC) policies, and data protection regulations.

What are some of the regulatory requirements that banking and financial institutions need to comply with? Banking and financial institutions need to comply with a range of regulatory requirements, including:

. Anti-money laundering (AML) regulations
. Know Your Customer (KYC) policies
. Basel III requirements for capital adequacy and liquidity
. General Data Protection Regulation (GDPR)
. Payment Services Directive (PSD2)
. Securities and Exchange Commission (SEC) regulations

How can technology help with GRC in banking and financial institutions?

Technology can play a significant role in GRC for banking and financial institutions. Software solutions can automate compliance monitoring and reporting, provide real-time risk analytics, and enable faster and more accurate decision-making. Technologies such as artificial intelligence (AI) and machine learning (ML) can be used to analyze large amounts of data and identify patterns, allowing banks and financial institutions to detect and prevent fraudulent activities. Blockchain technology can also be used to enhance the security and integrity of financial transactions. Ultimately, technology can help banking and financial institutions to streamline their GRC processes, improve their risk management capabilities, and ensure compliance with regulatory requirements.