Predictive IRM
Demystifying the Continuous Compliance and Risk Management

The paradigm of corporate governance is experiencing a significant transformation, with a clear emphasis on continuous compliance. Organizations are actively seeking to transition from reactive to proactive compliance strategies, driven by more sophisticated GRC platforms that incorporate regulatory change-tracking technologies and AI. This will allow them to effectively navigate the complexities of modern compliance requirements and reinforce business resilience.

Predictive IRM (PIRM) is at the vanguard of facilitating this shift.

The team at PIRM, having more than 100 years of collective experience across key disciplines including operations, business controls, legal, compliance, and risk and audit at financial services companies, astutely recognizes the critical shortcomings of current GRC systems, notably their compartmentalization and the absence of automation. This led them to develop a dynamic platform designed not just as a repository for compliance data but as a proactive, real-time system for compliance testing and risk management.

While the development of PIRM’s platform began with a focus on compliance, it quickly expanded to encompass risk identification. It now includes sophisticated models capable of evaluating a business’s compliance with regulatory requirements and identifying a variety of enterprise risks. This adaptability enables the platform to offer tailored risk tracking that aligns with the needs of various operational methods.

“The primary pain point is data connectivity and effective use in risk management and compliance oversight. PIRM enables data integrations, providing users with business intelligence for effective risk management and compliance,” says Dave Sterlitz, founder and CEO of PIRM.

Harnessing Salesforce’s Security and Flexibility

A pivotal decision in the platform’s evolution was choosing Salesforce as the foundational technology for the GRC platform. Salesforce is valued for its inherent flexibility, and its robust security and integrity have earned the trust of a wide range of organizations. Using Salesforce as the framework for the GRC platform added unmatched versatility, positioning it as a future-proof solution within the governance landscape.
This foresight is evident when considering the rigidity that characterizes conventional GRC systems, which are difficult to customize and adapt. In contrast, PIRM’s GRC platform is built on a robust yet flexible infrastructure, allowing businesses to customize the system with ease and ensure its growth in sync with their evolving compliance and risk management frameworks.

The advanced GRC platform also breaks away from the siloed risk management approach that isolates the lines of defense. By embracing Salesforce’s integrated approach, the platform unifies these lines, streamlining interactions across compliance, audit, and operational roles. This holistic integration marks a significant shift to proactive methodologies, enabling early risk detection and management in a cohesive and unified manner.

“Highly configurable and easily adaptable, our system allows flexible data model and workflow processes. Organizations can easily set up scalable processes tailored to their specific needs,” says Sterlitz.

Transforming Regulatory Compliance into Predictive Intelligence

PIRM’s platform is built to seamlessly integrate with data warehouses, for a fluid exchange of information that empowers users with actionable business intelligence from their datasets.

This data connectivity also facilitates the execution of automated compliance test scripts, giving clients an unprecedented level of visibility and control over the data. A robust API integration enhances this flexibility, ensuring seamless data interchange and setting PIRM’s platform apart in the marketplace.

The platform has also ambitiously assimilated and mapped out thousands of regulatory pages for business operations, a complex task reliant on extensive legal knowledge. By aligning these regulations with specific product and process requirements, PIRM delivers tailored compliance recommendations, significantly simplifying the intricate journey through regulatory compliance.

This predictive intelligence is particularly advantageous in the financial services sector, where the combined efforts of human experts and AI are paramount to solving the intricate challenges of compliance and risk management.

The primary pain point is data connectivity and effective use in risk management and compliance oversight. PIRM enables data integrations, providing users with business intelligence for effective risk management and compliance

The Next Generation of GRC in Action

Where many GRC systems serve as repositories for information, PIRM’s platform integrates deeply with operational workflows. It assesses products and processes through the lens of the institution’s operations. Coupled with the platform’s data connectivity, this allows for real-time alerts on discrepancies or regulatory misalignments, providing pinpoint accuracy in identifying areas of concern.

With state management features, the platform also enables clients to scrutinize their compliance programs on a granular, state-by-state basis. This extends to the management of third-party risks, streamlining due diligence with vendors and partners. Legal matter management and issues management are also among the suite of services offered, hallmarks of a traditional GRC—but with a transformative approach.

The platform’s excellence can be witnessed in an example where a client lacked an effective compliance testing program. PIRM established over 100 compliance tests monthly, generating key risk indicators (KRIs) for efficient root cause analyses through its system. This automated approach with direct database connectivity streamlined compliance processes, minimized costs, and optimized operations. In an industry where compliance and legal functions can be quite expensive, PIRM’s platform proves invaluable in providing effective and cost-efficient solutions.

This commitment is what makes PIRM stand out as a transformative force, not just in managing risk and ensuring compliance but in reforming the approach to these critical functions. With its distinct blend of automation, direct database connectivity, and customizable features, PIRM helps businesses navigate the complex terrains of compliance and risk management with unparalleled efficiency.