Several challenges we observe – not only in the GRC domain but in general, can be traced to the fact that organizations are still basing their business-critical decisions on unstructured and even ungoverned data. Digital infancy is more common than we think. A majority of the elements of a holistic AML program are in their digital infancy.
Many professionals have agreed there is a lack of software in place that allows them to have one view for all risk and compliance information in addition to collaboration across the AML and ABC compliance domain. There are thousands of software components for GRC available, not to mention all the focus on Artificial Intelligence and Machine Learning – digital evolution can be scary.
Many organizations are trying to solve their unstructured data-related challenges through the use of AI. However, AI is not an alternative to Data Governance.
So, where do we draw the line between humans and computers for decision-making?
How can we change the culture to achieve our business objectives within the GRC space?
Fill out the form on this page to download the article.