What is Robotic Process Automation (RPA)
According to gartner, RPA is the recalibration of human labor to drive business outcomes. RPA is low cost, it costs about 1/3rd of offshore and 1/5th of onshore employees. It is quick to implement and unobtrusive. It can work with zero human error. It is commonly used for reporting, accounts payable, customer feedback capture and sales quote preparation.
What is Governance, Risk management and Compliance (GRC)
Governance, risk management and compliance are three relatives terms that help an organization to achieve objectives, address uncertain events and maintain integrity. GRC enables the simplification, automation, and integration of enterprise, operational, and IT risk management processes and data.
- Governance: The laws, policies and practices which help executives to direct and control organization
- Risk management: The process of identifying threats and vulnerabilities in an organization, and applying necessary controls to maintain security.
- Compliance: The adherence of laws and corporate policies and procedures.
GRC using RPA
RPA in Governance:
- Detecting frauds, waste and abuse within the organization
- Robotics can be used for following purposes:
- Vendor management
- Pipeline and delivery management
- Organizational structure
- Human Resource
- It can help in Decision making for executives in controlling an organization.
RPA in Risk Management:
- Robots can be fully automated to detect any mishap in a control.
- Collection of previous data and analysis of future predictions of risk occurrence can be determined by RPA.
- Automatic Password change of critical assets every few minutes.
- Implying emergency measures in case of an attack
- Prioritization of critical assets and data and predictions of their uses.
- Expect enhanced regulatory and internal audit scrutiny.
RPA in Compliance:
- Provides efficiency through automation of highly manual process and workflow.
- Pull and aggregate data from multiple sources can enhance the efficiency of regulatory, non-financial, and risk reporting
- Help reduce the time-consuming processes of collecting, compiling, and cleansing, and summarizing large amounts of information.
Financial institutions execute tests to determine if operations are compliant with specific laws, rules, regulations and, as appropriate, internal policy directives