GRC Tuesdays: Innovation Is in the Eye of the Beholder

People say that beauty is in the eye of the beholder.  I would argue that the same can be said for “innovation.”   Every time you find a new way to do an old task, I would argue that innovation is taking place, and innovation takes place when new technologies are employed to handle manual, labor intensive processes.

Governance, risk and compliance (GRC) is not a new topic.  Organisations have internal controls, policies, and processes in place in order to identify issues, mitigate risk, and run businesses more efficiently and effectively.

When organisations automate and move away from manual, brute force methods and adopt new technology, customers are innovating.  The implementation of solutions change the way organisations do business – and hopefully that change is for the better.

Currently, I’m at SAP FKOM APJ in Sydney and innovation is a major theme that’s being covered.  Finance and risk are sometimes perceived as older topics, but this isn’t the case.  We have technologies available to handle new problems that affect businesses today (like. IFRS 16, GDPR).  However, other lines of business such as SAP Leonardo and machine learning are being covered.

What’s Beautiful – and Innovative- about SAP Business Integrity Screening

Some of you may be aware that SAP’s Fraud Management solution was rebranded as SAP Business Integrity Screening (BIS), but are you also aware that this solution has linkages to machine learning and predictive solutions?

SAP Business Integrity Screening helps organisations respond faster to threats by improving analysis capabilities and increasing visibility into potential issues and abuses.  Using machine learning delivered by SAP Leonardo, SAP Business Integrity Screening includes predictive detection methods to create alerts based on historical data.  Therefore, the fully integrated application provides real-time information so organisations can take action.

When we typically think of the GRC solutions we think of various GRC puzzle pieces that can be assembled to create the enterprise solution that an organisation desires.  In addition to that, we should see the bigger picture and examine technologies that complement our existing GRC landscapes and not be afraid to innovate!

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For more on GRC topics, read the rest of our GRC Tuesday blogs.