Organizations across all industries are becoming more reliant on digital technology to get the job done. In this era of digital transformation, technologies such as the Internet of Things (IoT), social media, Machine Learning (ML), big data analytics, Artificial Intelligence (AI), and Augmented Reality (AR) exist to help organizations realize their strategic business objectives.

Accounting is a core function in every business. Organizations need accounting teams to track revenue and expenses, evaluate financial performance, create budgets and financial projections, and maintain compliance. Skilled accountants provide up-to-date financial information to support decision-making. Unfortunately, the word “accounting” is often followed by the word “scandal,” especially given examples such as Enron, WorldCom, Tyco, Hertz, Lehman Brothers, and Bernie Madoff.

At RiskOptics, our mission is to make GRC simple, and it’s been that way since the inception of ZenGRC in 2009. With an in-house team of GRC experts and a development model focused on customer and industry challenges, we pride ourselves on being collaborative, innovative, and transparent.

Banks are one of the most heavily regulated business sectors, with stiff regulatory compliance obligations and close scrutiny from regulators. As such, managing regulatory compliance has become challenging for banks in recent years. Compliance failures can result in significant fines, reputational damage, bad publicity, and even lawsuits. It’s vital for banks to conduct regular compliance risk assessments to identify, evaluate and mitigate emerging risks.