Robotic process automation (RPA) can increase visibility, speed and efficiency across the risk management and compliance processes.
Many businesses and organizations don’t have enough resources to control emerging risks related to moving to the cloud, managing new regulations, growth strategies and other initiatives. Simply speeding up existing processes won’t get the job done. What’s needed is a smarter approach; one that takes advantage of robotic process automation (RPA) combined with machine learning and intelligent use of outsourcing/co-sourcing relationships. With machine learning, bots and other artificial intelligence (AI) components, a business can unlock valuable data that helps them more effectively and strategically management risk. And with the right partner, organizations can leverage that data quickly and effectively.
RPA for risk management has evolved to the point where automation can drastically streamline processes and resources. It can solve for many risk management challenges, including:
- Auditing for Sarbanes Oxley (SOX) and other compliance requirements in days instead of weeks
- Preventing errors and oversights that normally happen with manual processes
- Providing insights about processes and compliance practices that can guide decision makers as they consider risk tolerance
- Searching for patterns across massive amounts of data to uncover insights into business processes that are difficult, if not impossible, for humans to detect
Find out more ways RPA can improve the effectiveness of your risk management program in our new guide Robotic Relief: Quantifying the value of RPA for risk management.