Introduction

What is GRC? Governance, risk and compliance explained

Understanding GRC’s three main components

Why is GRC important?

What are the benefits of GRC?

What does a weak GRC strategy look like?

Why does your organization need governance, risk and compliance?

What are some popular GRC frameworks, and why are they used?

GRC team roles and responsibilities

GRC implementation roadmap

GRC challenges and solutions across industries and regions

AI in GRC

Many GRC tasks are time and data-intensive, but they’re also highly repetitive. AI can automate many of these tasks, reducing manual workloads and freeing up GRC team members to serve more strategic roles. These are some core GRC activities AI can automate:

AI can scan internal and external data to flag emerging risks and categorize and prioritize risks based on severity and likelihood. You can also automate updates to your risk registers based on real-time information.

Use AI to review policies for outdated language or regulatory misalignment. GRC AI tools can also suggest policy updates based on your legal and regulatory landscape and automate workflows to make those changes.

Track regulatory databases for new rules and standards and map any updates to your existing controls and procedures. GRC AI can also send real-time alerts when your compliance thresholds are at risk.

Audit preparation and evidence collection: 

AI can compile audit-ready documentation automatically. This includes flagging missing controls or gaps in compliance evidence. You can also use these tools to generate audit reports with little human input.

AI built for GRC analyzes user behavior for potential policy violations. It classifies incidents by risk level and suggests response actions. The AI can then fold those insights into automated reporting for regulatory requirements.

Auto-generate risk and compliance dashboards tailored to different roles, like your CRO or the board. These reports summarize trends and anomalies across the GRC landscape, powering strategic decision-making.

Many GRC platforms now offer AI-powered features to enhance automation, accuracy and insight. Diligent AI is purpose-built for GRC, integrating AU into your existing GRC workflows to help you make better decisions.

With automatic risk benchmarking, real-time dashboards and built-in compliance guardrails, 

 breaks down siloes and future-proofs your GRC program.

Unsure how to find the right GRC AI tool for you? Download the buyer’s guide>

What are the ethical considerations for GRC AI solutions?

AI represents a tremendous opportunity, but it also introduces critical ethical questions and risks worth considering. Without careful oversight, AI systems can unintentionally perpetuate or amplify bias. This can lead to inaccurate risk assessments rooted in discriminatory compliance practices or biased decision-making.

Understanding how AI makes decisions is also challenging, if not impossible. This so-called “black box” can make it difficult to explain and justify AI-driven actions to regulators or stakeholders. Without that justification, who do you hold accountable for AI-driven outcomes?

Privacy and security are also a concern. Popular public AI tools like ChatGPT train models using vast amounts of data, often gleaned from user inputs. This may not respect privacy regulations like GDPR and could become a larger risk if the AI system becomes compromised or used unethically.

Like most risks, however, the key is identifying and managing potential adverse outcomes while embracing the many positives. Programs like the 

AI Ethics & Board Oversight Certification

 from Diligent Institute can equip your board with the knowledge to make sound, ethical decisions about GRC AI tools.

The future of GRC

Choosing the right governance risk compliance (GRC) software

Look for platforms that unify governance, risk management, compliance, audit and policy management in a single system. This centralizes all essential data and reduces the chances that a risk will slip past your defenses.

Dashboards, reporting tools and analytics should provide a clear view of risk exposure across the enterprise. AI-powered tools can enhance visibility by keeping an eye on risks when humans can’t.

Pre-configured templates can lead to out-of-the-box efficacy, but you should also be able to adopt those workflows to your organizations specific policies, risk appetite and regulatory requirements. Personalizing your GRC tool can make the difference between one that transforms your approach and one too bulky to use.

The top GRC solutions automate repetitive tasks like control testing, evidence collection and compliance reporting, saving time and reducing human error. Turning over laborious tasks to software also frees up risk teams to serve more strategic functions that only humans can.

Built-in regulatory updates help you stay compliant with changing laws and industry standards. This is essential, given the growing number of regulations modern organizations are subject to.

Your organization’s size, expertise and risk tolerance will likely grow over time. But that doesn’t mean you need to outgrow your GRC tool. GRC software that evolves with your organization and integrates with key systems will give your board the insights to make better decisions at every stage.

Diligent

Guides

Governance, risk and compliance (GRC): Definitions and resources

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