AI has emerged as a revolutionary force in compliance mapping, transforming traditional processes and delivering substantial business value.
According to 4CRisk.ai, the question often posed by organisations is the tangible return on investment (ROI) from deploying AI technologies. This discussion delves into the significant financial and operational returns that AI-powered compliance programs offer. 4CRisk’s Compliance Map product radically changes how compliance mappings are performed.
In an example with the assumptions outlined below, 4Crisk.ai shows how the adoption of AI in compliance mapping can lead to an impressive 300% improvement in productivity with an ROI realised in less than a year. This efficiency gain translates into annual savings of approximately $164,533, based on a daily fully-loaded cost of $500 per staff member or an average of $120,000 annually. Such advancements enable employees to shift from repetitive tasks to more strategic analysis and decision-making roles, significantly boosting organisational efficiency.
Here are the assumptions in this example for a medium sized organization: Consider the scope of compliance obligations most organisations face: adhering to 50 distinct regulations, which span across multiple standards like NIST CSF, PCI DSS, and FISMA, and encompass about 250 requirements across various rulebooks. Maintaining compliance involves managing a complex framework of over 900 artifacts including policies, standards, procedures, and control objectives. Annually, around 10% of these require updates due to regulatory changes, necessitating a continuous and dynamic compliance strategy.
In the first step, by leveraging AI, Compliance Map can parse and tag thousands of regulatory documents swiftly and accurately, providing results up to 50 times faster than manual methods. It features innovative tools such as Sankey Diagrams to visually identify and summarise weaknesses and duplicates within the compliance framework. The diagrams are exportable, offering clear, actionable insights into compliance status which traditionally took days to compile.
Moving to the second step of the compliance mapping process, the Human in the Loop Review, 4CRisk.ai continues to outperform manual methods by approximately three times. This phase focuses on ensuring that each requirement is adequately mapped to corresponding governance elements such as regulations, policies, and controls. Features like the Ask ARIA conversational AI expedite this process by quickly addressing queries and suggesting optimal actions for compliance updates.
The final step involves the Change Plan and Action Items, where specific actions are determined to address any compliance gaps identified. 4CRisk’s solution supports this phase by generating language recommendations for gap closure and integrating seamlessly with GRC systems to update compliance libraries automatically. This capability reduces the typical action plan completion time by half, enhancing responsiveness to regulatory changes.
In addition to quantifiable ROI, adopting AI-driven compliance technologies offers several qualitative benefits. These include reduced risks of non-compliance and human errors, improved internal control design, and increased agility in responding to regulatory changes. Organisations can achieve a deeper understanding of regulatory impacts and enhance their strategic alignment with business objectives, ultimately gaining a competitive edge in their respective markets.
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