Diligent, a leading provider of enterprise governance, risk management, and compliance (GRC) SaaS solutions, has announced the launch of "Diligent AI Risk Essentials," a new solution aimed at enhancing organizations' risk management (ERM) capabilities. This innovative tool leverages benchmark risk data from the annual reports (10-K) submitted to the U.S. Securities and Exchange Commission (SEC), enabling rapid deployment and immediate access to comprehensive risk insights. The tool can be set up in just a week, significantly reducing the time required to prepare for board-level discussions and implement effective risk mitigation strategies. Background and Development The development of Diligent AI Risk Essentials stems from the company's extensive experience in artificial intelligence (AI) innovation, particularly the integration of AI functionalities within its Diligent One platform. GovernAI, an AI suite embedded in Diligent One, has already been instrumental in improving governance and risk workflows. With the introduction of AI Risk Essentials, Diligent aims to further streamline the ERM process, making it more efficient and secure. Key Features and Benefits 1. AI-Driven Risk Identification and Benchmarking: - Data Source: Utilizes SEC 10-K filings to gather benchmark risk data. - Deployment: Can be deployed in less than a week, providing a quick start to ERM initiatives. - Comprehensive Data: Offers access to over 120,000 risk instances, allowing companies to compare their risk profiles against industry standards and identify potential blind spots. 2. Process-Based Risk Assessment: - Strategic Risk Analysis: Collaborates with risk owners to assess the impact and likelihood of strategic risks, ensuring a more accurate understanding of risk exposure. - Simplified Mitigation Plans: Integrates all pertinent information, clarifying responsibilities and streamlining the risk mitigation process for efficiency and effectiveness. 3. Interactive Risk Heatmaps: - Visual Insights: Displays the severity of different risks through interactive heatmaps, aiding in the prioritization of strategic actions. - Decision Support: Enables leaders to make informed decisions based on visual representations of risk data. 4. Educational Resources and Templates: - Comprehensive Library: Provides a wealth of resources for directors, managers, and legal advisors, including a newly launched risk management certification program. - Best Practices: Promotes the adoption of best practices to enhance risk maturity and cultivate a risk-aware culture. Market Demand and Industry Impact According to recent reports, over 77% of board members frequently discuss emerging risks and their impacts on their organizations. This trend underscores the growing demand for robust risk data benchmarks and advanced ERM solutions. Despite this, only 32% of companies believe their risk monitoring methods are mature or strong, with many still relying on manual tools like spreadsheets. Diligent AI Risk Essentials addresses this gap by offering powerful AI-driven features that transform how companies manage and respond to risks. Evaluation by Industry Insiders Scott Bridgen, General Manager of Risk and Audit at Diligent, emphasized the critical role of AI Risk Essentials in today's rapidly evolving risk landscape. He noted that while the complexity of risk management has increased exponentially, many organizations lack the necessary tools and resources to cope effectively. AI Risk Essentials will enable companies of all sizes to quickly identify, assess, and mitigate risks, thereby strengthening their ERM programs and aligning them with future board agendas. Michael Rasmussen, an analyst at GRC 20/20, praised Diligent's new solution, stating that it not only accelerates risk identification and assessment but also facilitates strategic benchmarking against industry norms. This capability empowers leaders to proactively manage risks and align their ERM initiatives with strategic goals, enhancing organizational resilience and agility. Future Initiatives Diligent plans to host its first AI Innovation Virtual Summit on April 30. This event will bring together experts to explore the transformative potential of AI in governance, risk, and compliance. Attendees will gain insights into optimizing decision-making processes and building resilient organizations using AI-driven solutions. Company Profile Diligent supports over a million users and 700,000 board members in improving governance and risk oversight. The Diligent One platform provides a unified view of GRC practices, enabling quicker and better-informed decisions, more effective risk management, and enhanced organizational resilience. Diligent's commitment to AI innovation and robust security practices positions it as a frontrunner in the GRC market, with its solutions receiving high praise from leading analysts at Forrester, Gartner, and IDC. Conclusion The launch of Diligent AI Risk Essentials marks a significant advancement in the field of enterprise risk management. By leveraging powerful AI capabilities and providing access to extensive risk data, Diligent helps organizations quickly and effectively address emerging risks, align with industry benchmarks, and adopt best practices. This solution not only fills a critical gap in the market but also sets a new standard for risk management excellence, solidifying Diligent's position as a leader in the GRC space.