Cloud-Enabled Governance, Risk, and Compliance Solutions
Taking GRC to the Next Level
Key research questions
- What pressures are financial institutions facing in their GRC operations?
- What benefits can cloud provide to GRC operations?
- What issues should financial institutions consider in creating a roadmap for cloud-based GRC technology?
Cloud provides an efficient, scalable, and elastic foundation upon which to build innovative models using AI, other emerging technologies, and open APIs to take GRC to the next level.
A study by Celent and sponsored by Amazon Web Services examines the potential for cloud-based governance, risk, and compliance solutions in financial services.
Legacy systems and processes, organizational siloes, culture, and other ingrained issues are limiting the ability of firms to maximize accuracy, optimize efficiencies, and reduce costs in their GRC operations. Deploying GRC activities and solutions in the cloud helps firms achieve holistic and efficient GRC operations by better enabling enterprise-wide, real-time data analysis; effective use of unstructured as well as structured data; efficient and on-demand delivery of GRC solutions and interfaces; and cost-effective, high-performance computing infrastructure to drive strategic advantage.
This study examines the challenges facing GRC operations and how they can be overcome through the application of advanced technologies. The report provides a taxonomy of GRC operational areas and their corresponding technology solutions. Celent also examines several use cases for cloud-enabled approaches to the areas of fraud, AML/ KYC, and risk management.