compliance management Archives - AiThority https://aithority.com/tag/compliance-management/ Artificial Intelligence | News | Insights | AiThority Wed, 22 May 2024 09:40:44 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://aithority.com/wp-content/uploads/2023/09/cropped-0-2951_aithority-logo-hd-png-download-removebg-preview-32x32.png compliance management Archives - AiThority https://aithority.com/tag/compliance-management/ 32 32 Maycode Chooses DRUID AI Enhance Enterprise AI Solutions for Users https://aithority.com/natural-language/maycode-chooses-druid-ai-enhance-enterprise-ai-solutions-for-users/ Wed, 22 May 2024 09:40:44 +0000 https://aithority.com/?p=570924 Maycode Chooses DRUID AI Enhance Enterprise AI Solutions for Users

Maycode, a leading provider of bespoke enterprise AI solutions, announces a strategic partnership with DRUID AI, a global leader in conversational AI technology. This collaboration is set to propel the capabilities of Maycode’s enterprise AI solutions and Complia’s Dara, a compliance virtual assistant, by leveraging DRUID AI’s advanced technology that includes state of the art […]

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Maycode Chooses DRUID AI Enhance Enterprise AI Solutions for Users

Maycode, a leading provider of bespoke enterprise AI solutions, announces a strategic partnership with DRUID AI, a global leader in conversational AI technology. This collaboration is set to propel the capabilities of Maycode’s enterprise AI solutions and Complia’s Dara, a compliance virtual assistant, by leveraging DRUID AI’s advanced technology that includes state of the art proprietary Natural Language Processing engine, extensive integration capabilities with BPM & RPA systems as well as native generative AI capabilities.

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Maycode’s suite of enterprise AI solutions will integrate DRUID AI’s conversational agents to enhance user interactions and improve processes across sectors.

Complia’s Dara, an assistant in training focused on financial regulations, will utilize DRUID AI’s innovations to provide a dynamic compliance management solution, enhancing workflows, collaboration, and communication.

We are excited to join forces with DRUID AI,” said Adetoyese Adedokun, Maycode Managing Director. “By integrating DRUID AI’s conversational agent into our enterprise AI solutions, we are determined to revolutionize user experiences across various industries, from financial institutions to healthcare, education, and more.

DRUID AI’s platform, known for its end-to-end capabilities in building AI-driven conversational business applications, will enable Maycode and Complia to deliver unparalleled value to their clients. This strategic relationship signifies a commitment to innovation, efficiency, and customer-centric solutions.

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Our collaboration with Maycode represents a pivotal advancement in utilizing conversational AI to enhance business processes and customer interactions. We are eager to see the transformative impact of our joint efforts, particularly as we explore new opportunities in Nigeria and the African Union.” stated Liviu Dragan, CEO DRUID.

The partnership between Maycode and DRUID AI exemplifies a commitment to driving digital transformation through innovative AI solutions. By combining expertise and technology, the collaboration aims to set new standards in the AI landscape across various sectors, ensuring clients have access to the most advanced tools for success. Additionally, this partnership marks a significant milestone in the company’s expansion into the African market.

Furthermore, Maycode and DRUID AI are planning a series of educational work groups and events focused on higher education and financial services, with a special emphasis on compliance. These events are designed to foster knowledge exchange and drive innovation in these critical sectors.

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Source: Druid AI

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Ascent Technologies Acquires Horizon Scanning Solution Provider, Waymark https://aithority.com/technology/ascent-technologies-acquires-horizon-scanning-solution-provider-waymark/ Thu, 08 Feb 2024 13:50:32 +0000 https://aithority.com/?p=562434 Ascent Technologies Acquires Horizon Scanning Solution Provider, Waymark

Strategic acquisition strengthens Ascent’s market leadership position in compliance automation and obligations management solutions for financial services Ascent Technologies, a leading provider of AI-enabled compliance automation solutions for financial services companies, announced it has acquired Waymark, a UK-based provider of horizon scanning and compliance management workflow solutions. This strategic move follows Ascent’s recent acquisition by […]

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Ascent Technologies Acquires Horizon Scanning Solution Provider, Waymark

Strategic acquisition strengthens Ascent’s market leadership position in compliance automation and obligations management solutions for financial services

Ascent Technologies, a leading provider of AI-enabled compliance automation solutions for financial services companies, announced it has acquired Waymark, a UK-based provider of horizon scanning and compliance management workflow solutions. This strategic move follows Ascent’s recent acquisition by Edgewater Equity Partners. The integration of Ascent and Waymark creates a comprehensive solution for horizon scanning and obligations management, establishing a new benchmark for managing regulatory risk.

“This partnership is a game-changer for the industry. Our combined strengths deliver an advanced compliance automation solution for our customers who now have access to the best US and Canadian regulatory content, while Ascent significantly expands its coverage in the UK and EU.”

Waymark’s advanced horizon scanning tools augment Ascent’s industry-leading obligations management technology, and the combined company now offers full regulatory coverage of the US, the EU and UK. This combination underscores Ascent’s commitment to driving growth, fostering innovation, and expanding its service offering.

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“Ascent’s technology quickly and efficiently identifies relevant regulatory obligations, a critical task for navigating the intricate, ever-changing regulatory landscape,” noted Chris Junker, Ascent CEO. “With the addition of Waymark’s technology, particularly its horizon scanning functions, Ascent now serves up insights into where regulations may be headed as well as a precise, timely and actionable picture of current regulatory demands.”

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Powerful Obligations Identification and Horizon Scanning for Automated Compliance Management

Ascent now automates two critical and resource-intensive components of regulatory compliance for financial services firms – horizon scanning and the identification of regulatory obligations tailored to each firm’s business.

Compliance organizations traditionally have reviewed an endless deluge of regulatory documents to identify and analyze applicable rule changes. The Ascent platform replaces these slow, costly, manual processes with patented AI that monitors the financial services regulatory landscape in real time, identifies rule changes and obligations that apply to a company, and notifies stakeholders of applicable rule changes and obligations.

“Knowing one’s regulatory obligations is foundational for financial services firms striving to adhere to evolving regulations,” explained Jon Leitner, President of Ascent. “Once organizations use Ascent to understand current-state regulations, the next step is to anticipate and prepare for upcoming regulatory changes. This is why Waymark horizon scanning fits so well with Ascent.”

Customer Ian Hollowbread, COO – Digital Innovation at ING said that, “Ascent is at the forefront of the AI regulatory revolution. Ascent’s processing intelligence helps firms understand their regulatory obligations with precision. In combination with Waymark’s deep horizon scanning capabilities, we believe that this merger provides the potential to offer both the depth and breadth to meet the market needs for effective, comprehensive risk management.”

Mark Holmes, founder and CEO of Waymark, expressed enthusiasm about the acquisition, stating, “This partnership is a game-changer for the industry. Our combined strengths deliver an advanced compliance automation solution for our customers who now have access to the best US and Canadian regulatory content, while Ascent significantly expands its coverage in the UK and EU.”

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[To share your insights with us as part of editorial or sponsored content, please write to sghosh@martechseries.com]

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Grant Thornton Taps Microsoft Technology to Help Clients Manage Compliance and Risk Using Generative AI https://aithority.com/technology/grant-thornton-taps-microsoft-technology-to-help-clients-manage-compliance-and-risk-using-generative-ai/ Wed, 07 Feb 2024 19:05:31 +0000 https://aithority.com/?p=562275 Grant Thornton Taps Microsoft Technology to Help Clients Manage Compliance and Risk Using Generative AI

Firm’s professionals now able to streamline control design and assessment processes for clients Grant Thornton LLP, one of America’s largest providers of audit and assurance, tax and advisory services, has deployed a new tool to help its internal audit, compliance and other risk management professionals streamline their clients’ control design and assessment processes. The tool, […]

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Grant Thornton Taps Microsoft Technology to Help Clients Manage Compliance and Risk Using Generative AI

Firm’s professionals now able to streamline control design and assessment processes for clients

Grant Thornton LLP, one of America’s largest providers of audit and assurance, tax and advisory services, has deployed a new tool to help its internal audit, compliance and other risk management professionals streamline their clients’ control design and assessment processes. The tool, which the firm calls Grant Thornton CompliAITM, utilizes generative artificial intelligence (AI), and was developed using Microsoft technology, including Microsoft Azure OpenAI Service.

“Grant Thornton CompliAITM embodies the fusion of Grant Thornton’s industry-leading know-how and Microsoft’s technological advancement. With this tool, we’ll be able to provide our clients a dual advantage: They can improve their compliance and risk management processes, while also tapping into Microsoft’s extensive technology-enabled offerings.”

“The Grant Thornton CompliAITM tool arrives at a time when businesses face numerous risks both inside and outside of their organizations,” says Ethan Rojhani, a Risk Advisory partner at Grant Thornton. “As a result, they need better ways to create risk and compliance management frameworks, and to design and implement the most relevant controls.”

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Rojhani explains that Grant Thornton’s new tool allows its professionals to “more effectively and efficiently develop complex risk and compliance systems for clients — ones that are capable of processing many dynamic factors.” The tool, he says, works by combining Grant Thornton’s extensive global controls library with generative AI models and features, including AI analysis, ranking and natural language processing capabilities.

As a result, Grant Thornton’s professionals can run control design and assessment tasks in minutes, including processes that would have traditionally taken days or weeks. This means clients can enjoy operational insights more quickly and cost-effectively, which could add up to a new level of efficiency and a path toward transformative growth.

Rojhani stresses the importance Microsoft’s technology plays in the Grant Thornton CompliAITM tool: “This endeavor with Microsoft underscores our dedication to harnessing the full potential of generative AI models to drive efficiency, accuracy and value for clients across a range of industries.”

Wes Luckock, a Risk Advisory senior manager at Grant Thornton, echoes this sentiment: “Grant Thornton CompliAITM embodies the fusion of Grant Thornton’s industry-leading know-how and Microsoft’s technological advancement. With this tool, we’ll be able to provide our clients a dual advantage: They can improve their compliance and risk management processes, while also tapping into Microsoft’s extensive technology-enabled offerings.”

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Grant Thornton CompliAITM caters to individual language preferences and boasts numerous capabilities within the compliance and risk management process, including:

  • Control gap assessment — improves the process of identifying risk and control gaps
  • Control rationalization — defines comprehensive controls that address any input risk
  • Narrative preparation — analyzes risk descriptions to provide in-depth control descriptions tailored to address risk
  • Control definition — generates more comprehensive, technically sound control definitions
  • Control enhancement for targeted attributes or risks — re-writes controls to be more technically sound and comprehensive
  • Test step preparation — generates step-by-step testing procedures
  • Identification of evidence — identifies evidence required for testing procedures
  • Walkthrough preparation — generates risk- and control-specific walkthrough questions to maximize understanding of risk environment

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[To share your insights with us as part of editorial or sponsored content, please write to sghosh@martechseries.com]

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Varonis Accelerates Secure Adoption of Microsoft Copilot for Microsoft 365 https://aithority.com/technology/varonis-accelerates-secure-adoption-of-microsoft-copilot-for-microsoft-365/ Tue, 23 Jan 2024 17:39:05 +0000 https://aithority.com/?p=559156 Varonis Accelerates Secure Adoption of Microsoft Copilot for Microsoft 365

Integration lays the foundation for secure and compliant deployment of Microsoft Copilot for Microsoft 365 Varonis Systems, Inc., a leader in data security, announced a strategic collaboration with Microsoft to help companies safely harness the power of AI. The integration helps joint customers continually assess and improve their Microsoft 365 data security posture before, during, […]

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Varonis Accelerates Secure Adoption of Microsoft Copilot for Microsoft 365

Integration lays the foundation for secure and compliant deployment of Microsoft Copilot for Microsoft 365

Varonis Systems, Inc., a leader in data security, announced a strategic collaboration with Microsoft to help companies safely harness the power of AI. The integration helps joint customers continually assess and improve their Microsoft 365 data security posture before, during, and after they deploy Microsoft Copilot for Microsoft 365.

The security model for Copilot for Microsoft 365 relies on a user’s existing Microsoft 365 permissions to determine which files, emails, chats, notes, etc. can be used to generate AI responses. These information protection capabilities give you the tools to know your data, protect your data, and prevent data loss. Complementing Microsoft 365’s built-in data protection features, Varonis provides customers with other options in how to manage and optimize an organization’s data security model, preventing data exposure by ensuring only the right people can access sensitive data at all times.

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Available on Azure Marketplace, the Varonis Data Security Platform’s deep Microsoft 365 integration helps security teams continuously:

  • Quantify their Microsoft 365 data security posture in real-time
  • Discover and classify data at scale (including AI-generated content)
  • Apply Microsoft Purview Information Protection labels required for effective data loss prevention (DLP)
  • Enforce least-privilege access controls
  • Monitor sensitive data activity and alert on abnormal behavior
  • Find and archive stale, risky data

“IT and security teams want to ensure that excessive permissions, collaboration links, and mislabeled files won’t lead to unintentional data exposure when they deploy Microsoft Copilot for Microsoft 365,” said David Bass, Varonis Executive VP of Engineering and Chief Technology Officer. “Varonis takes that concern off the table so users can enjoy the power of Microsoft’s AI immediately.”

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Anat Gil, Partners Lead, Microsoft South-East Europe added, “Varonis’ integration gives customers the added security and compliance controls necessary to quickly and confidently adopt Microsoft Copilot for Microsoft 365.”

The integration complements Microsoft’s native security features, enhancing sensitive data discovery and classification, DLP policy enforcement, threat detection, and compliance management. Additionally, with Varonis Athena AI, built atop Microsoft Azure OpenAI Service, security teams can use natural language to conduct in-depth investigations and risk analysis.

Organizations can request a free Varonis Data Risk Assessment to evaluate their AI readiness and start their Microsoft Copilot for Microsoft 365 journey right from the Azure Marketplace.

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InScope-AML and Regula Partner to Bolster Anti-Money Laundering Compliance Across Europe and Beyond https://aithority.com/technology/inscope-aml-and-regula-partner-to-bolster-anti-money-laundering-compliance-across-europe-and-beyond/ Mon, 25 Sep 2023 14:02:31 +0000 https://aithority.com/?p=539451 InScope-AML and Regula Partner to Bolster Anti-Money Laundering Compliance Across Europe and Beyond

InScope-AML, a European developer of AML (Anti-Money Laundering) compliance management solutions, and Regula, a global developer of forensic devices and identity verification solutions, announced a technology partnership. Its goal is to enhance KYC-service capabilities with comprehensive and trustworthy identity document verification. According to Regula’s survey*, 65% of organizations worldwide use digital document verification as one of […]

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InScope-AML and Regula Partner to Bolster Anti-Money Laundering Compliance Across Europe and Beyond

InScope-AML, a European developer of AML (Anti-Money Laundering) compliance management solutions, and Regula, a global developer of forensic devices and identity verification solutions, announced a technology partnership. Its goal is to enhance KYC-service capabilities with comprehensive and trustworthy identity document verification.

According to Regula’s survey*, 65% of organizations worldwide use digital document verification as one of their main methods of identity checks. And 94% of those who haven’t yet, plan to employ digital document verification in the next year. Responding to this growing demand for reliable and frictionless online ID verification, Regula and InScope-AML are joining forces to offer businesses across Europe and Africa a comprehensive and trustworthy solution for KYC and AML compliance management.

Being the first step of nearly all KYC procedures, identity document verification is of paramount importance and thus requires robust technology. After market research, InScope-AML chose to incorporate Regula Document Reader SDK into its existing solution. This move allows the company to enhance their proposition and uplevel document identification and verification among all their customers.

As an integral part of the InScope-AML solution, Regula Document Reader SDK automatically reads and authenticates IDs regardless of their type or issuing country. This is possible thanks to Regula’s proprietary database of document templates, which is the largest in the world and contains over 13,000 templates from 247 countries and territories. Apart from reading and validating data, Regula’s solution also cross-checks information from various data fields in the document to spot any possible inconsistencies that may indicate fraud.

The technology partnership between Regula and InScope-AML has made AML and KYC compliance even simpler and more effective while providing a seamless experience to customers. Not only does the InScope-AML solution protect businesses from serious consequences, such as reputational and financial risks, but it also helps them manage clients’ data intelligently. This possibility is enabled by Regula’s technology which analyzes document data and alerts users if some pieces of information need special attention, like an expiry date that is nearly overdue or when there is a mismatch between data provided by the client and the data on a document.

By incorporating Regula Document Reader SDK, the InScope-AML solution reinforces its overall security. The integration ensures that all personal data remains within the InScope-AML environment, granting full control over sensitive information to end users. This capability empowers users to deploy the solution on-premises, further enhancing data privacy and security measures.

Asked to comment about this partnership, Matt Rizzo, InScope-AML Chief Executive Officer, said, “Over the past years, InScope-AML has built a strong reputation around simplifying AML compliance and helping companies in 8 countries automate their AML processes to stay on track with compliance. Our partnership with Regula will now add a more comprehensive level of verification and substantially improve the quality of the data.”

“Today, compliance is a new reality for nearly all businesses. To succeed in this duty, it’s crucial to find a trustworthy solution that gives technology and resources to organize the process properly and at the same time provides a frictionless and enjoyable user experience. We are happy to partner with InScope-AML and to be a part of this transformation where compliance stops being a burden and becomes yet another intelligent layer of protection against fraud,” says Ihar Kliashchou, Chief Technology Officer at Regula.

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anecdotes Enhances Risk Manager Application on its Leading Security Compliance OS Platform https://aithority.com/security/anecdotes-enhances-risk-manager-application-on-its-leading-security-compliance-os-platform/ Thu, 15 Jun 2023 14:45:19 +0000 https://aithority.com/?p=526406 anecdotes Enhances Risk Manager Application on its Leading Security Compliance OS Platform

anecdotes, the leading security Compliance technology firm, announced the launch of an updated version of its Risk Manager Application, making it the most comprehensive solution for Compliance leaders seeking continuous risk monitoring. Powered by data and automation, the Risk Manager delivers unmatched enterprise-level risk management insights and monitoring capabilities, enabling organizations to apply a risk-first approach to a broader Compliance […]

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anecdotes Enhances Risk Manager Application on its Leading Security Compliance OS Platform

anecdotes, the leading security Compliance technology firm, announced the launch of an updated version of its Risk Manager Application, making it the most comprehensive solution for Compliance leaders seeking continuous risk monitoring. Powered by data and automation, the Risk Manager delivers unmatched enterprise-level risk management insights and monitoring capabilities, enabling organizations to apply a risk-first approach to a broader Compliance management context. With the launch of the enhanced Risk Manager Application, The anecdotes Compliance OS further establishes anecdotes as the leading Security and Compliance risk management solution on the market.

The Risk Manager was designed by Security and Compliance risk experts based on industry knowledge, experience, and RCSA best practices. Security Compliance leaders can import their existing risk register or adopt various out-of-the-box risks available within the risk library. Adopted risks are automatically linked to the relevant mitigating controls across all adopted Security Compliance frameworks.

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By providing the automated and manual ability to assign mitigating controls to risks, anecdotes enables organizations to achieve data-powered risk management. anecdotes continuously collects Security and Compliance related data points from the organization’s tech stack and, in turn, defines the status of impacted controls. These controls are tied to risks, thereby creating a clear path through which data directly impacts residual risk levels. anecdotes is the first and only Security Compliance automation solution on the market to provide customers with data-powered risk management.

The flexibility of the new Risk Manager allows Compliance teams to have a risk management tool that conforms to their way of managing risk rather than having to conform to the tool. This is thanks to customizable risk matrices, tagging capabilities, historic data visualizations, and more. Furthermore, collaboration tools allow for easy communication with and verification from relevant teams and stakeholders, streamlining processes and creating greater accountability, organization-wide.

“Our data-first approach and automation allow for a more advanced, streamlined risk management process, empowering our customers to adopt a risk-based mindset, rather than being solely control and audit focused,” said Roi Amior, CPO and co-founder at anecdotes. “With real-time risk management, reporting risk posture up the chain of command becomes a truly reliable, business-critical activity.”

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Cardiac AI-Pioneer Cleerly Partners with ClearDATA to Protect Patient Data https://aithority.com/technology/cardiac-ai-pioneer-cleerly-partners-with-cleardata-to-protect-patient-data/ Tue, 14 Feb 2023 18:13:16 +0000 https://aithority.com/?p=490206 Cardiac AI-Pioneer Cleerly Partners with ClearDATA to Protect Patient Data

Cleerly revolutionizes precision healthcare by leveraging secure patient imaging for AI interpretation ClearDATA, healthcare’s most comprehensive managed cloud, compliance and cyber defense provider, announced a partnership with Cleerly, the company leveraging artificial intelligence (AI) to forge a new standard of prevention and care for heart disease to protect private health data in pursuit of a world […]

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Cardiac AI-Pioneer Cleerly Partners with ClearDATA to Protect Patient Data

Cleerly revolutionizes precision healthcare by leveraging secure patient imaging for AI interpretation

ClearDATA, healthcare’s most comprehensive managed cloud, compliance and cyber defense provider, announced a partnership with Cleerly, the company leveraging artificial intelligence (AI) to forge a new standard of prevention and care for heart disease to protect private health data in pursuit of a world free from heart attacks.

Cleerly is transforming the way clinicians approach the treatment of heart disease through its clinically proven, AI-based digital care platform. The platform works with industry-standard imaging – coronary computed tomography angiography (CCTA) – to augment clinician analysis, precisely identifying atherosclerosis earlier, and to help inform personalized, life-saving treatment plans for all patients throughout the care continuum.

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To secure this AI-enabled digital care pathway, Cleerly CTO Nick Nieslanik reached out to ClearDATA. Nieslanik previously deployed ClearDATA solutions during his tenure at Teladoc, where he relied upon it both to secure patients’ private health data, and to facilitate efficiencies within internal teams stretched beyond capacity. Since partnering with ClearDATA, Cleerly’s product development team has tripled its capacity and saved its engineers over 4,300 hours of cyber security compliance management.

“Cleerly’s mission is to create a world free from heart attacks,” said Nieslanik. “To achieve that means we have to become a seamless part of treatment plans – and the hazard lies upon regulatory and compliance demands healthcare organizations are faced with to protect patients’ privacy. We employ an efficient team at Cleerly, and determined that ClearDATA systems would allow us to more rapidly stand up compliant, secure infrastructure – allowing our own developers and engineers to focus on tech innovation that pushes the boundaries of medicine and sets a new standard for precision heart care.”

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“Cleerly and their AI solutions are rapidly transforming the discovery, assessment, and even the prevention of acute heart disease,” said Rick Froehlich, ClearDATA CEO. “We’re proud to provide them with managed cybersecurity that enables them to change heart care forever – built upon secure data, accessible to the right clinicians at the right time.”

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[To share your insights with us, please write to sghosh@martechseries.com]

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120Water Platform Selected to Manage Indiana Lead Service Line Database https://aithority.com/technology/120water-platform-selected-to-manage-indiana-lead-service-line-database/ Mon, 02 Jan 2023 14:33:47 +0000 https://aithority.com/?p=475076 120Water Platform Selected to Manage Indiana Lead Service Line Database

Expanding its track record of providing data management and software solutions to statewide and multistate programs, 120Water’s platform has been selected to manage the lead service line inventories for more than 1,300 water systems across its home state of Indiana. State procurement of the Public Water System (PWS) Portal, State Dashboard and Public Transparency Dashboard software […]

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120Water Platform Selected to Manage Indiana Lead Service Line Database

Expanding its track record of providing data management and software solutions to statewide and multistate programs, 120Water’s platform has been selected to manage the lead service line inventories for more than 1,300 water systems across its home state of Indiana. State procurement of the Public Water System (PWS) Portal, State Dashboard and Public Transparency Dashboard software grants all Indiana utilities access to 120Water’s proprietary tools designed to collect, store, manage, and report on lead service line inventory data in accordance with the Environmental Protection Agency’s Lead and Copper Rule Revisions (LCRR) and federal and state reporting requirements.

The LCRR requires utilities nationwide to compile a location-based inventory of service line materials by October 2024. As many water systems lack digital records or capabilities to track and submit inventories, this provision introduces significant time and resource burdens. To remedy this, 120Water’s PWS Portal provides systems of all sizes an intuitive, standardized tool to normalize, validate, and manage service line data before it is uploaded to the State Dashboard for ongoing compliance management. The submissions are automatically validated upon CSV/Excel import, at which point the state will have the opportunity to publish the approved service line inventories to the Public Transparency Dashboard.

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“As a rule, we believe good data leads to good program management, and given the complexities and comprehensive nature of LCRR, a piecemeal approach to compliance is simply not possible,” said Megan Glover, co-founder and CEO of 120Water. “A project of this magnitude requires holistic, long-term solutions, which we make it our mission to provide. 120Water is committed to developing and sharing innovative tools with water professionals, and we are thrilled to be the state of Indiana’s partner in this endeavor.”

Evaluated through an open request for proposal (RFP) with the Indiana Finance Authority (IFA) and the Indiana Department of Environmental Management (IDEM), 120Water was chosen as the state partner based on its experience running water quality programs and building service line inventories for utilities of all sizes, its focus on continued innovation, and the current depth and breadth of collaboration with Indiana-based water systems and associations. Scope of work begins immediately, and water utilities will receive preliminary guidance in early 2023.

120Water combines a technology-based approach with firsthand experience to form a practical understanding of workflow requirements and an appreciation for the nuances of data management. The updated PWS Portal was debuted in September 2022 at the National Rural Water Association’s (NRWA) WaterPro Conference, is commercially available and licensed in over 41 states, and is currently in use by nearly 500 public water system customers.

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AuditBoard Survey Finds Internal Audit Resources Misaligned With Key Risks https://aithority.com/technology/auditboard-survey-finds-internal-audit-resources-misaligned-with-key-risks/ Fri, 02 Dec 2022 13:30:37 +0000 https://aithority.com/?p=468247 AuditBoard Survey Finds Internal Audit Resources Misaligned With Key Risks

Most significant gaps of coverage are in talent, macroeconomic factors, and business model disruption. AuditBoard, the leading cloud-based platform transforming audit, risk, and compliance management, announced the release of its 2023 Focus on the Future report based on an annual survey of internal audit leaders across North America. The report reveals a lack of alignment between […]

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AuditBoard Survey Finds Internal Audit Resources Misaligned With Key Risks

Most significant gaps of coverage are in talent, macroeconomic factors, and business model disruption.

AuditBoard, the leading cloud-based platform transforming audit, risk, and compliance management, announced the release of its 2023 Focus on the Future report based on an annual survey of internal audit leaders across North America. The report reveals a lack of alignment between top risks facing businesses and the level of resources internal auditors are able to put toward those vulnerabilities.

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“Internal auditors are projecting an almost best-case scenario for resources in 2023 despite increasingly turbulent times”

As with the 2022 Focus on the Future survey, the top 2023 risk cited by internal audit leaders is cyber and data security, with 83% of respondents ranking it as a primary concern. Rounding out the remainder of the top five risks are: their organization’s ability to attract and retain quality talent (77%); macroeconomic conditions and geopolitical uncertainty (69%); supply chain, outsourcing, and reliance on third parties (65%); and regulatory changes (58%).

However, the report reveals three key areas where substantial gaps exist between anticipated risk levels and planned audit effort: the ability to attract and retain top talent, with only 16% planning to dedicate substantial resources to address this risk; macroeconomic factors and geopolitical uncertainty (13% plan to dedicate substantial resources); and business model disruptions due to an evolving digital risk landscape (50% rate it a critical risk, while 20% plan to dedicate substantial resources).

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Other key findings of the report include:

  • The increasing prevalence of advanced technologies like AI and machine learning was the fastest-growing risk factor cited by internal audit leaders, up 22% from last year’s report. With these technologies becoming more central to business operations, audit leaders clearly see digital risk as an urgent concern.
  • ESG, which is now top of mind for a growing number of investors and regulators, is also one of the fastest-growing risks cited, with a 20% year-over-year increase in the number of survey respondents ranking an aspect of environmental, social, and governance risks as a top concern.
  • While a slight majority (53%) of internal audit leaders anticipate increased budgets for the business year ahead, they are also facing mounting challenges created by continued global uncertainty and the increasingly likely prospect of a dramatic economic slowdown.

As risks continue to increase in scope, complexity, and velocity — along with the ever-present possibility of unanticipated and disruptive risk events on the horizon — a potential resource shortage could heavily impact teams in 2023.

“Internal auditors are projecting an almost best-case scenario for resources in 2023 despite increasingly turbulent times,” said Richard F. Chambers, AuditBoard Senior Internal Audit Advisor, who authored the report. “There are clear hints of greater demand on the internal audit function, and it will be critical for audit leaders to maximize resources, seek innovative ways to fulfill their objectives, and proactively monitor risks.”

To produce the 2023 Focus on the Future report, AuditBoard collected data from 188 respondents to an online survey conducted in September and October 2022. Respondents were CAEs and internal audit directors in organizations based primarily in North America, representing a diverse group of industries and internal audit department sizes.

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 [To share your insights with us, please write to sghosh@martechseries.com] 

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LogicGate Enhances Risk Cloud with Cyber Risk & Controls Compliance Solution https://aithority.com/technology/logicgate-enhances-risk-cloud-with-cyber-risk-controls-compliance-solution/ Wed, 30 Nov 2022 14:59:03 +0000 https://aithority.com/?p=467230 LogicGate Enhances Risk Cloud with Cyber Risk & Controls Compliance Solution

LogicGate, creator of the transformative risk and compliance management platform Risk Cloud, has launched its Cyber Risk & Controls Compliance Solution, empowering IT and risk leaders to visualize, understand and optimize their cybersecurity posture. LogicGate’s unmatched solution enables cyber teams to translate cyber risk into financial impact, prioritize cyber risk response and resource allocation, and […]

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LogicGate Enhances Risk Cloud with Cyber Risk & Controls Compliance Solution

LogicGate, creator of the transformative risk and compliance management platform Risk Cloud, has launched its Cyber Risk & Controls Compliance Solution, empowering IT and risk leaders to visualize, understand and optimize their cybersecurity posture. LogicGate’s unmatched solution enables cyber teams to translate cyber risk into financial impact, prioritize cyber risk response and resource allocation, and seamlessly connect their cyber risk management and enterprise risk management programs.

The average data breach cost for organizations globally hit an all-time high of $4.35 million in 2022. Enterprises now face exponentially growing cyber vulnerabilities and threats, escalating regulatory requirements and rising cyber insurance expectations, making cyber risk management more complex and essential to business than ever.

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To understand their cyber risk posture, prove the viability of their internal controls and effectively communicate cyber risk priorities to the board, enterprises need a centralized, connected view of their assets, vulnerabilities and controls. LogicGate’s robust new offering brings all the visibility from connected cyber asset management solutions to the Risk Cloud platform so risk leaders can automate proactive cyber risk mitigation strategies at scale.

“Cyber risk is the enterprise risk blind spot of far too many businesses. In today’s rapidly changing environment, you can’t manage enterprise risk if you’re not managing cyber risk,” said Jon Siegler, Chief Product Officer at LogicGate. “With this new comprehensive offering, LogicGate customers can embed cyber risk mitigation in their holistic GRC strategy, approaching cyber risk as a united front. By leveraging our powerful risk quantification capabilities within their cyber risk programs, our customers will offer decision-makers a complete picture of their cybersecurity posture using the language of the business — money.”

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LogicGate’s Cyber Risk & Controls Compliance Solution offers:

  • Centralized view of assets, risks and cyber controls: The solution links controls to assets and assets to risks to visualize cyber risk across your environment from a consolidated, simplified view.
  • Proactive, prioritized risk response: The Cyber Risk Application links data from an organization’s asset and vulnerability management solutions to help teams assess expected impact of cyber threats, identify assets at risk and prioritize response.
  • Risk quantification and reporting within the business context: Risk Cloud Quantify assigns financial value to cyber risks, empowering teams to communicate priorities to stakeholders using a common language.
  • Connected risk management ecosystem: Bringing cyber risk management and enterprise risk management into one dashboard centralizes and streamlines risk management functions across an enterprise, eliminating data silos, improving cross-team collaboration, and enabling more strategic decisions.

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[To share your insights with us, please write to sghosh@martechseries.com]

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