Empowered Systems

EY, a global leader in assurance, tax, transaction, and advisory services, is thrilled to announce a pioneering partnership with Empowered Systems, renowned for its EmpoweredNEXT no-code/low-code Governance, Risk, and Compliance (GRC) platform. This strategic alliance marks a significant leap forward in redefining the approach to risk, compliance, and governance solutions, offering unparalleled adaptability and efficiency to organizations worldwide. Read more in our Press Room 👉 https://lnkd.in/ed4pDHXz

In recent years, the financial sector has seen a notable increase in the use and complexity of models designed to optimize operations, manage risks, and drive strategic decisions. This trend is evidenced by the growth in the number of models employed by large financial institutions, which is estimated to be increasing annually by 10 to 25 percent. The primary drivers behind this surge include the need for more sophisticated tools for pricing, strategic planning, liquidity management, customer relationship management, fraud monitoring, and anti-money laundering efforts. Additionally, the advent of big data has spurred the development of new models aimed at harnessing its potential for insights and decision-making. Read more on our latest blog 👉 https://hubs.li/Q02WPgDx0

The Prudential Regulation Authority (PRA) has issued its much-anticipated Policy Statement (PS6/23) on Model Risk Management (MRM). Accompanied by the Supervisory Statement (SS1/23), this policy will come into force on 17 May 2024. This blog post aims to provide a detailed analysis of these developments, highlighting the key changes, implications for banks, and best practices for compliance. Read more on our latest blog 👉 https://hubs.li/Q02WPjDH0

Regulators are particularly focused on ensuring that banks have completed adequate assessments of their liquidity, credit, and counterparty risks. This includes conducting thorough due diligence to prevent fraud and implementing effective credit risk methodologies, especially for entities with concentrated operating exposures. Examples of such concentrated exposures include crypto assets, sector-specific concentrations, and asset-liability mismatches. Read more on our latest blogs 👉 https://hubs.li/Q02WPjSL0

As businesses continue to evolve in the digital era, the role of Artificial Intelligence (AI) in Governance, Risk Management, and Compliance (GRC) is rapidly gaining importance. The traditional GRC approach, often viewed as a bureaucratic necessity, is now being transformed into a strategic enabler of business performance and resilience. This shift is encapsulated by Cognitive GRC, a term popularized by GRC 20/20, which refers to the integration of AI with GRC functions, ushering in what they call “GRC 5.0.” Cognitive GRC is not just a trend but a major leap forward in how organizations manage risks, ensure compliance, and govern their operations. By incorporating AI, businesses can automate complex processes, enhance decision-making, and address emerging challenges with greater agility. Let’s dive deeper into how Cognitive GRC is reshaping the business landscape, with key examples that highlight its practical applications. Read more on our latest blog 👉 https://hubs.li/Q02V5DD30

Global businesses invest billions of dollars annually in Governance, Risk, and Compliance (GRC) functions, dedicating a substantial portion of their workforce to ensuring these critical operations run smoothly. With the evolving regulatory landscape, companies are increasingly seeking cutting-edge technologies to streamline and optimize their GRC programs. While many organizations are actively investing in GRC technologies, they continue to face significant challenges in managing the ever-growing complexity of GRC requirements, including compliance with regulations, risk management, and internal audits. Read more on our latest blog 👉 https://hubs.li/Q02V5Czl0

Artificial intelligence (AI) is transforming many industries, and governance, risk management, and compliance (GRC) are no exception. As organizations face increasingly complex regulations, growing amounts of data, and emerging risks, AI offers a way to streamline these processes, improve decision-making, and stay ahead of potential issues. In this blog, we’ll explore how AI enhances GRC tasks with real-world examples, showing how it can improve efficiency, accuracy, and foresight in risk management and compliance. Read more on our latest blog 👉 https://hubs.li/Q02V5m9T0

Pillar 3 is one of three pillars that make up the Basel III Accord. It focuses on providing disclosure requirements related to capital adequacy and risk management. This includes providing information about a bank’s credit risk exposures, operational risk exposures, market risk exposures, and liquidity risks. The goal is to provide transparency into how well a bank is meeting its obligations under international banking regulations. Read more about Pillar 3 on our latest blog 👉 https://hubs.li/Q02V19S80

Organizations are generating and processing data at an unprecedented rate. As a result, regulatory compliance has become a priority for many organizations, particularly those in industries such as healthcare and finance. From the General Data Protection Regulation (GDPR) to the California Consumer Privacy Act (CCPA), there are numerous regulations that companies must comply with. However, ensuring compliance is no easy feat, and it requires a dedicated effort from risk managers, GRC professionals, and compliance managers. In this blog post, we’ll take a closer look at some of the regulations that organizations must comply with and explore how they can navigate the challenge of compliance. Read more on our latest blog 👉 https://hubs.li/Q02V1bcp0

Managing regulatory changes can be a difficult task for organizations, especially when it comes to predicting and adapting to impending changes. As the complexity of regulations continues to increase, organizations must take a proactive approach to ensure they remain compliant. This means finding ways to predict and prepare for changes before they occur, rather than merely reacting to them after the fact. Here’s how your organization can be more predictive in its regulatory change management processes. Read more on our latest blog 👉 https://hubs.li/Q02V1bxD0