Redefining Governance, Risk, and Compliance (GRC) in the Digital Age: Integrating AI-Driven Risk Management Frameworks

Eniola Akinola Odedina *

Covenant University Human-Centric Cybersecurity, Artificial Intelligence, Security Risk Management and Compliance, Nigeria.
 
Review
World Journal of Advanced Engineering Technology and Sciences, 2023, 10(01), 264–282.
Article DOI: 10.30574/wjaets.2023.10.1.0257
Publication history: 
Received on 14 August 2023; revised on 23 October 2023; accepted on 25 October 2023
 
Abstract: 
Governing, Risk, and Compliance (GRC) systems are the central pillars for developing organizational responsibility, ethical behavior, and resistance to internal and external threats. With the increased emergence of cyber worlds and extensive usage of advanced cyber-attacks, extensive failures have been seen from traditional GRC models, due to which more adaptive and intelligent solutions are needed. For the sake of this analysis, the evolving ability of Artificial Intelligence (AI) to provide more efficient risk management to GRC models is considered. With the application of real-time analytics, predictive modeling, and self-autonomous decisions, AI has an element of adaptive responsiveness and foresight that has never existed in conventional systems.
The research recognizes the most important enablers of AI-based risk management, including data convergence, machine learning, and automation tools, and shows actual use cases in business operations across industries. The research explores the advantages of such convergence, including better threat detection, quicker monitoring of compliance, and real-time risk mitigation. Apart from these advantages, the study highlights major challenges such as data privacy issues, algorithmic bias, and the necessity for transparent decision-making processes.
To bridge the gap between automation and accountability, the paper suggests a hybrid GRC architecture integrating machine learning and human intervention to impose efficiency and ethically driven governance. Finally, the research suggests policy and strategy reforms involved in shifting to AI-based GRC and new policies based on frontier technology. This research recognizes the necessity to redefine GRC in the current digital era, where AI is set to occupy the center stage of building robust, compliant, and future-oriented organizations.
 
Keywords: 
Governance Risk And Compliance (GRC); Artificial Intelligence (AI); Risk Management; Real-Time Analytics; Hybrid Architecture; Regulatory Implications
 
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Copyright information: 
Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0