Feature
With corporate risks growing and becoming more complex, enterprises are increasingly turning to AI-based software to help manage their risks. Companies are enlisting AI to address risk tied to payments, third parties, regulation, compliance and cybersecurity. Here, we look at some of the top risk management platforms using AI.
1. CentrlGPT
CentrlGPT is a generative AI solution for risk and diligence processes. The technology uses proprietary large language models (LLMs) to enhance the efficiency and strength of risk identification. The product includes several key risk features: it automatically flags responses needing review; reviews responses by evaluating attachments and text; automatically populates questionnaires from previous documents; and reports in real-time to capture findings. The solution is designed to enable diligence teams to prioritize and take action rather than manually combing through questions and documents. Users can also interact with the model to provide feedback and add training examples for organization-specific questions.
2. Resolver Regulatory Compliance
Resolver’s AI-enhanced regulatory compliance software offers integration with comprehensive regulatory content libraries, like Ascent and LexisNexis, and Resolver’s built-in regulatory summarizations. The solution allows users to integrate policy and regulation mapping, target efforts with compliance risk assessments and gain insights with real-time compliance metrics. The product is designed to help improve collaboration, data accuracy, risk analysis and decision-making, reducing the likelihood of regulatory fines. Incident reports can also be entered by security or arrive through an incident submission portal, email or integrated system.
3. LogicManager Enterprise Risk Management
The AI-based enterprise risk management software by LogicManger is designed to provide a risk-based approach to connect all of a company’s enterprise risk management, governance and compliance activities in a centralized hub. Companies can connect their risks across departments to the controls, resources, processes and people they impact to identify dependencies. The technology’s integration hub provides a no-code, templated approach to connecting the solution with more than 500 third-party applications.
4. Riskonnect
The Riskonnect solution incorporates AI to help users gain deeper risk insights, automate actions and make better decisions. The technology connects people, systems and data for a clearer view of risk across the enterprise. The cloud-based platform offers numerous risk features: data analytics and pattern recognition; predictive risk modeling; automation of risk assessments; compliance monitoring; resource allocation; decision support; supplier and vendor risk management; and cybersecurity risk management.
5. EclecticIQ Intelligence Center
The EclecticIQ Intelligence Center gives risk analysts the ability to use large language models for various tasks. Users can tailor functionalities to their organization's needs to help ensure they have the optimal solution for analyzing threats and generating insights. The technology includes AI-powered natural language search, so users can ask questions in plain language without complex query syntax. It also supports multilingual queries.
6. RiskWatch
The risk management solution by RiskWatch uses AI to automatically account for changes in user behavior patterns in real-time. Administrators can craft detailed risk templates tailored to various organizational needs, including strategic, financial, IT, operational and HR risks. Users can create an unlimited number of templates, which can be customized with specific metrics, such as likelihood times impact, confidentiality-integrity-availability (CIA) and asset-threat-vulnerability frameworks, to ensure risk assessments are thorough and adaptable to business challenges.
7. SecurityScorecard
SecurityScorecard uses AI across the entire platform, from data collection to scoring. The solution is designed to detect security risks associated with internal and third-party attack surfaces for a comprehensive representation of risk exposure. Discovered risks map to popular industry standards, such as NIST 800-171, helping security teams identify alignment gaps and their specific causes. The technology also supports third-party risk analysis with features like remediation impact projections and board summary reporting.
8. Prevalent Third-Party Risk Management Platform
The third-party risk management platform by Prevalent includes AI capabilities designed to address complex third-party risk management use cases, from automating assessments and entity management to analyzing evidence and risk data. By tapping into large language models and proprietary data sets, the technology reviews, analyzes and helps make sense of large volumes of risk assessment and externally monitored data. The solution also uses natural language commands to simplify the management of third parties.
9. Hyperproof
The risk solution by Hyperproof uses a generative AI model powered by OpenAI to tailor precise, industry-specific controls. The product helps companies orchestrate and automate risk workflows, create alignment between risk management and compliance activities and reduce time spent on monitoring risks. The technology is designed to enable teams to collect, prioritize, track and mitigate risk in a single place with risk register, issues management and reporting. Users can also map controls across frameworks and assign control owners to product lines, entities, geographies and groups.
10. TrustLayer
The TrustLayer platform’s AI-driven risk management tools are designed to automate document collection, tracking and verification as well as cross-check documents in real-time, flagging missing information or gaps against the enterprise’s requirements. Dashboards offer the ability to understand a user’s compliance risk at a glance. Additional features in the platform include automated follow-ups, expiration reminders and in-app messaging. It also improves risk visibility with document data extraction, the ability to analyze insurance endorsements and compliance analytics.
