Power Up Your Assessments with an Accurate Policy Risk and Control Framework

4CRisk’sCompliance Map will power up your Policy, Risk, and Control (PRC) Framework and Take the Noise out of Self-Assessments (RCSA)

The ever-changing risk landscape and labyrinth of regulatory changes present unique challenges for risk and compliance teams. However, a powerful ally in the form of 4CRisk’s AI-powered compliance products combined with your PRC (Policy, Risk, and Control) Framework and Governance, Risk, and Compliance (GRC) libraries is now transforming how organizations tackle assessments. In this blog, we delve into how AI is revolutionizing risk and control assessments, mainly through enhanced linkage and accurate, fast mappings within the PRC framework.

The Role of AI in the Policy, Risk, and Control Framework –

4CRIsk’s Compliance Map allows risk and compliance professionals to assess the design efficacy of their programs by comparing their external obligations to their internal control environment. It matches rulebooks (regulations, rules, laws, and standards) to applicable governance artifacts (policies, procedures, contracts, and controls).

4CRisk’s Language Models can review massive data sets of thousands of regulatory documents, parse them into sections, and tag them for applicability. The product powers up your PRC by providing accurate traceability of your coverage of obligations to corresponding elements  - typically policies, procedures to controls. Your team can see your compliance mappings based on jurisdiction, nature, scope, systems, processes, products, contracts, policies, procedures, and controls.  This helps to eliminate the ‘noise’ by illustrating existing gaps and rapidly transforming a litany of documents into an easy-to-digest and actionable format.

4CRisk’s Compliance Map product also generates language recommendations for controls, risk statements, and policies to close gaps and auto-track remedial actions. Critically, 4CRisk can integrate with GRC systems and allow the auto-population of GRC libraries to manage the integrity of linkages in your PRC framework.

This accuracy brings your entire risk assessment program to another level.

Let’s Look at 5 Ways 4CRisk’s AI-Powered Compliance Map Powers Up Risk Assessments 

1. ‍Proactive Risk Identification and Mitigation: Data analytics tools provide compliance teams with a deeper understanding of potential risks. Compliance Map is leveraged to accurately parse lengthy regulatory documents into logical text segments and suggest which regulatory requirements may impact businesses, risks, products, policies, and controls. This proactive approach enables early risk detection and prompt mitigation, bolstering your organization's overall risk management strategy. ‍
2. Smart GRC Libraries with AI-Powered Linkage: GRC libraries updated by 4CRisk’s AI-powered Compliance Map revolutionize data analysis by establishing intelligent linkages between regulatory requirements and specific control measures. By automating the mapping of regulations to controls, your organization can maintain a clear and transparent trail of compliance, ensuring that each regulatory obligation is appropriately addressed and lowering risk before you launch a formal risk assessment.‍
3. Streamlined Risk and Compliance Reporting: AI capabilities streamline reporting processes by automating data aggregation and analysis. AI groups similar regulations—whether state, federal, or global regulations—and compares your controls and policies to the group of regulatory requirements. This ability to logically group regulatory requirements expedites the assessment work required for compliance evidence. Compliance teams can produce accurate and comprehensive reports, enabling regulatory stakeholders to quickly gain insights into the organization's compliance posture. ‍
4. Agile Adaptation to Regulatory Updates: As regulations evolve, AI-powered swiftly adapts to changes, updating your organization with the latest regulatory requirements. This agility ensures that your organization's controls and policies remain aligned with the ever-shifting regulatory landscape. ‍
5. Strengthening the Partnership between Risk, Compliance, and Internal Audit: As the third line of an organization’s defense, IA can leverage AI's proactive risk identification and streamlined reporting capabilities to help IA teams stay ahead of potential threats and fulfill their responsibilities with greater confidence. 

4CRisk.ai's Compliance Map product

Summary

With the regulatory landscape in a constant state of flux, risk and compliance professionals face the daunting challenge of navigating the regulatory maze while efficiently managing risks. AI products are becoming indispensable allies in this pursuit, revolutionizing risk assessments and compliance efforts. 

By enhancing your organization’s PRC framework with accurate and instant mappings between obligations, policies, controls and risks, organizations can create a strong real-time risk and compliance foundation. As technology continues to advance, the synergy between AI, your PRC and GRC libraries is transforming the risk and compliance landscape, empowering organizations to thrive amidst the intricacies of regulatory compliance. 

Embracing AI to ensure the integrity of your GRC libraries enables organizations to navigate the regulatory maze with greater ease and precision, fostering a culture of compliance and ensuring sustainable, responsible operations in today's dynamic business environment.

• If you also have 4CRisk’s Regulatory Research product. In that case, you can powerup Compliance Maps with robust AI-generated rulebook(s) and business obligations and create business language to get a start on updating your policies.
• If you also 4CRisk Regulatory Change Management product, Compliance Maps can enhance your Regulatory Change Management process to identify new gaps in rules, regulations laws and compliance artifacts.‍
• If you have 4CRiskAsk Aria Co-Pilot you can get immediate, relevant AI-generated answers to complex queries for the front and second line by analyzing an organization’s documents, saving up to 90% of time and effort.

About 4CRisk.ai Products: Our AI products use language models specifically trained for risk, compliance and regulatory domains to automate manual, effort-intensive tasks of risk and compliance professionals, providing results in minutes rather than days; up to 50 times faster than manual methods.

Would you like a demo to see what 4CRisk products can do for your organization?  Contactus@4crisk.ai or click here to register for a demo. 

4CRisk products: Regulatory Research, Compliance Map, Regulatory Change Management, and Ask ARIA Co-Pilot are revolutionizing the way organizations connect regulations with their business requirements.