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RiskBusiness releases new Risk Intelligence features for its Graci governance, risk, audit and compliance (GRAC) Solution
October 2021 by Marc Jacob
RiskBusiness Services Limited announced the immediate availability of three additional features for its Graci solution. The features – Advisory Alerts, Industry Risk Maps and Regulations Crawlie – are incorporated into Graci’s Intelligence Module, which leverages cognitive behaviour theory and augmented machine learning to aggregate diverse internal and external information sets to facilitate informed business and risk decisions.
Advisory Alerts are proactive informative alerts highlighting emerging issues, changes, or forthcoming regulations, which a firm may benefit from as part of a proactive risk management process. Alert types include adverse weather, cyber and fraud alerts, regulatory announcements, and regulation changes. Individual employees can configure the type, frequency and jurisdictions for which alerts are received.
Industry Risk Maps provide map-based visualisations of different risk factors that a firm may be exposed to when operating or interacting with different countries and geographic regions. Maps are available to analyse corruption, fraud, cybercrime, biocapacity, ecological threats, human trafficking, and the risk of non-payment.
Maps may be overlayed with other Graci data, such as office and supply chain partner locations, and combined to create an almost unlimited number of unique holistic perspectives. For example, plastic pollution, bribery and financial secrecy data can be combined to assess vendor risk in certain countries. Or money laundering, terrorism, bribery, corruption and sanctioned countries data can be aggregated to assess financial crime across certain regions.
Regulations Crawlie is a data collection application that leverages augmented machine learning to help firms stay in compliance with the exponential growth in global regulations and changes to them. It operates on regulations selected to be relevant to a firm, and continually monitors and harvests, determines relevancy and then classifies and automatically alerts individuals to relevant new and updated regulatory rules, guidance, and announcements.
Since Graci is a SaaS application hosted in identified and secure Microsoft Azure data centres, these new facilities are available immediately and seamlessly to all customers.
The introduction of these new features follows the recent launch of a GDPR Equivalency Checker function within Graci’s Risk Module (enhancing its Data Governance and Privacy sub-module). The Equivalency Checker allows a firm to identify which regimes it needs to examine privacy regulation equivalency or adequacy for, then to select potential data destinations and to check for equivalency or adequacy.
Available as both an integrated component within the Graci Risk Module and as a standalone tool, the Equivalency Checker supports user configurable questionnaires, the preparation of a list of remedial requirements per target destination and an audit trail evidencing all checks made.
Graci by RiskBusiness is a comprehensive, flexible, and modular solution to the modern governance, risk, audit and compliance (GRAC) requirements of small, medium, large and global conglomerate firms alike.
Graci is available with fully integrated risk content, including numerous classification taxonomy hierarchies, libraries of key risk and control indicators, scenarios and regulations and with continuously-updated breaking news or public loss data. Using a unique data separation and encryption technique, coupled to information security and information technology sound practices, Graci utilises multiple levels of access controls to ensure only your staff can access your data and can only access that data which is pertinent to their role.
Designed by industry practitioners for use by fellow practitioners, components of Graci are already used by more than 200 firms globally.
