What are the use cases of ChatGPT in compliance?
You’re not alone if you’re wondering how generative AI like ChatGPT can fit into compliance and governance risk management (GRC) roles. The digital world is evolving rapidly, and it is not limited to tech or marketing departments. Compliance professionals, despite their caution, can undeniably benefit from the powerful capabilities of ChatGPT. In this post, we’ll dissect the invaluable use cases of ChatGPT in compliance, see how it’s transforming the landscape for GRC practitioners and why it is essential to embrace this change.
Understanding the benefits when using generative AI
Whether for software code, website copy, college-level essays, or even a birthday poem for Mom, ChatGPT has become the go-to for almost any text-based necessity. Its launch on November 30, 2022, was met with awe—within five days, it amassed a million users. This staggering adoption rate is reminiscent of today’s necessities, illustrating how quickly generative AI has taken root in our lives and workflows.
Today, ChatGPT boasts approximately one billion monthly website visitors, with active users surpassing the 100 million mark. However, GRC professionals approach this technology with a healthy dose of skepticism. Their primary concern stems from the security implications of using AI within the compliance space. Join us as we explore how ChatGPT enhances compliance capabilities and discover firsthand how we pioneered its application in the security compliance platform—The Anecdotes Compliance OS.
Can GRC Safely Join the Many ChatGPT Use Cases?
For compliance personnel, entertaining the notion of using AI in their workflows isn’t as straightforward as it seems. In the GRC realm, a security-first mindset is paramount given the nature of their work. Concerns loom large regarding how sharing sensitive company data with AI models could open a Pandora’s box of security risks—think data breaches and legal liabilities. It’s not just a passing thought; these worries are deeply rooted in the high stakes of compliance.
GRC professionals are wary that confidential information could inadvertently be disclosed when young employees, eager to capitalize on the tech, input sensitive data or queries into ChatGPT. Additionally, the fear looms large that employees might unknowingly invoke another entity’s proprietary information during their AI-assisted work, opening the floodgates for legal ramifications.
However, once those safeguards are established, the use cases of ChatGPT in compliance are tantalizing. GRC teams are encouraged to harness the power of this technology while simultaneously ensuring adequate practices are in place. The global professional IT association ISACA reminds firms to exercise caution by implementing strict guidelines around proprietary data sharing with AI models and ensuring continuous training and refinement of AI datasets.
5 ChatGPT Use Cases in the GRC Function
With the robust textual abilities that generative AI offers, using ChatGPT in GRC is not an outlandish idea but rather a forward-thinking methodology. Below, we explore five practical use cases of ChatGPT for GRC professionals:
- Risk and Control Relationships: One of the most substantial benefits ChatGPT possesses is its ability to provide fast and reliable responses to nuanced inquiries. By linking documents enhanced with regulation-specific aspects, user inquiries can be answered with precision. For instance, GRC teams leveraging Anecdotes’ integration with OpenAI can bounce back questions about understanding risk in relation to specific controls, making the compliance maze a little less confounding.
- Policy and Governance Creation: The initiative to develop effective policies can often seem tedious and convoluted. ChatGPT paves a way forward, aiding GRC teams in the crafting of policies and messaging suited for specific regulations. An example of this can be observed in policy creation for GDPR, where Anecdotes’ AI integration assists teams in sculpting their external-facing privacy policy or other essential compliance documents that adhere to varying mandates.
- Domain Threat Hunting: Utilizing ChatGPT as a threat-hunting ally can fortify an organization’s defense mechanisms. Users can query ChatGPT to ascertain insights about recent insider threats and external dangers that could impact their operations. For example, users may inquire about the predominant cyber threats threatening healthcare—obtaining this intel allows organizations to act preemptively rather than reactively in mitigating risks.
- Remediation Guidance: ChatGPT can provide tailored recommendations, informing users of personalized mitigation steps designed to rectify gaps identified in their controls or compliance protocols. Let’s say a corrupted activity directory in a Windows domain is confounding your IT team; ChatGPT can elucidate recovery strategies, thereby enhancing organizational resilience through knowledge sharing.
- Contextual Changes to Relationships: In every business cycle, change is inevitable. As business processes evolve, ChatGPT offers guidance on necessary actions that must align with changing compliance requirements. Through Anecdotes’ integration in GRC applications, it becomes feasible for users to identify regulatory gaps stemming from these changes, streamlining the validation process against compliance standards.
These are merely a handful of examples showcasing how organizations can integrate ChatGPT into their compliance functions. It’s exciting to think about the myriad of possibilities!
5 Benefits of ChatGPT for GRC
Having dissected the use cases, we should ask: what can compliance professionals gain from leveraging ChatGPT in their workflows? Here are five compelling benefits that can embolden GRC teams to harness this remarkable technology:
- Improved Efficiency: Through the ability to quickly access information and responses to GRC queries, ChatGPT becomes a significant time-saver. With rapid responses at the fingertips of employees and stakeholders, decision-making is further expedited—essentially turbocharging operations.
- Increased Accuracy: With its extensive training data, ChatGPT is capable of responding with accuracy and consistency, ensuring that compliance professionals receive standardized and precise information. By relying on accurate data, GRC teams can minimize human errors and avoid the pitfalls of non-compliance.
- 24/7 Accessibility: No more waiting for the right moment to ask a compliance question—ChatGPT is available around the clock! This level of accessibility ensures that GRC professionals can get essential answers to their queries whenever they need them. Quick solutions mean swift problem resolution.
- Greater Scalability: Whether a company is small or multinational, ChatGPT can seamlessly handle an influx of inquiries. This ability allows for a consistent stream of information across multiple departments and geographical locations, helping reduce discrepancies in compliance.
- Enhanced Communication: Establishing a central platform where various departments can seek and provide insights related to GRC ensures effective communication. ChatGPT serves as a bridge, reducing misunderstanding, miscommunication, or information silos, ultimately fostering a collaborative environment.
GRC Teams Should Be Early Adopters of Generative AI
The evidence is stacking up: generative AI, and specifically ChatGPT, holds the potential to redefine the GRC function by enhancing operational efficiency, better deploying resources, and scaling compliance programs. It is paramount, though, to use this technology within a secured framework. GRC professionals can think of it as a vital tool to navigate through complex compliance issues seamlessly while boosting productivity. So while your competitors may still be on the fence, the opportunity for forward momentum exists for those who seize it!
The First Security Compliance Platform to Integrate Generative AI
To further aid security and GRC teams in harnessing this transformative technology responsibly, Anecdotes has stepped up as the first tool in the security compliance landscape to integrate OpenAI’s groundbreaking generative AI technology into its framework. Users can craft their own queries or choose from an extensive library of options, adding an exciting dynamic to the GRC space. Contextual responses to questions regarding controls, risks, and policies are just a query away, all within a cohesive user interface. To discover more about how The Anecdotes Compliance OS can significantly elevate your efficiency and accuracy while providing perpetual access to contextualized guidance, click here.
As we stand on the cusp of a new age in compliance with generative AI leading the charge, the question is no longer if GRC teams should adopt these advancements, but when and how they will do so—positions of leadership await those who take the leap!