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The Digital Operational Resilience Act (DORA) introduces new measures for financial firms to address third-party risks. DORA emphasizes risk management procedures and due diligence on third-party providers. Firms must monitor their activities and conduct regular assessments of their own resilience.

GRC initiatives are no longer just about managing risks but are key drivers of organizational growth. Shifting the perception of GRC from a burden to an opportunity enables organisations to leverage risks for strategic decision-making.

Financial crime compliance utilizes strategies to curb illicit finances. Key tactics include strict customer identification, transaction monitoring, risk assessment, and employing AI for fraud detection. Continual employee education and robust reporting systems are also crucial.

Compliance automation streamlines operations, reduces errors, and improves efficiency. Financial institutions use AI to automate tasks like monitoring, risk assessment, and reporting. Human judgment remains vital, focusing on strategic decisions as automation handles repetitive tasks

AI revolutionizes GRC software by automating data collection from diverse sources, enabling continuous monitoring and updates. It converts data into actionable intelligence, providing insights into risks and compliance.