Enhancing risk management with the right GRC solution
CXOToday has engaged in an exclusive interview with Balaji Krishnamoorthy, EVP – Labs & Services, Findability Sciences.
- Please tell us about Findability Sciences, its specialization and the services it offers.
Findability Sciences is a leading enterprise AI firm that helps traditional businesses across the world unleash the potential of their data and attain the status of a data superpower. Our expertise empowers clients in various industries and locations to accelerate their journey from data to AI, which allows them to create their own intellectual property and cultivate data science capabilities, while also strategically executing to achieve tangible financial returns. Our broad range of offerings cater to multiple sectors, including manufacturing, retail, media, and communication. Findability Sciences has four key product offerings such as Findability.AI Findability.DSL, Findability.Accelerate and Findability.Inside. Findability.AI, our award winning proprietary platform has received industry recognition, leverages machine learning, computer vision, and natural language processing to assist enterprises in expediting their transition from data to AI.
Our company’s offerings provide clients with value through six key ways, including reducing costs, improving speed of execution, simplifying complexity, transforming engagement, driving innovation through insights, and building trust. Recently, we were recognized by Fortune Magazine as one of America’s Most Innovative Companies, which is a result of our dedication to pushing the limits of AI technology globally and leading the way in many industry-firsts. We believe that there is a #FindabilitySolves solution for every industry, and this is enabling traditional businesses to harness the power of data and AI to transform their operations.
- Why is there a need for GRC in organisations? What are the components of GRC?
GRC stands for Governance, Risk, and Compliance which is a structured framework adopted by organizations to govern, manage risks, and comply with regulations. The GRC approach aids organizations in maintaining ethical operations, effectively mitigating risks, and adhering to internal policies and applicable laws. The key components for GRC include:
- Governance: It involves defining and implementing policies, procedures, and controls to ensure that the organization’s objectives are achieved in a transparent, accountable, and ethical manner.
- Risk Management: Risk management involves identifying, assessing, and mitigating risks that could impact an organization’s ability to achieve its objectives. This includes understanding and evaluating potential risks, implementing risk mitigation strategies, and monitoring risks on an ongoing basis.
- Compliance: Compliance refers to adhering to relevant laws, regulations, industry standards, and internal policies. It involves ensuring that the organization operates in a manner that is legal, ethical, and aligned with established guidelines. Compliance activities include policy development, training, monitoring, and reporting to ensure that the organization meets its legal and regulatory obligations.