Enterprise risk management (ERM) teams can increase their efficiency and drive better risk insight and mitigation by using generative AI (GenAI) tools in five ways, according to Gartner, Inc.
GenAI offers ERM teams a unique opportunity to expand their capabilities without significant investments. By focusing on five quick-win use cases, ERM leaders can increase efficiency by using GenAI as a communicator, a notetaker, a researcher, a librarian, and a trainer.
Joel Backaler, Director Analyst, Gartner Assurance Practice.
These five ERM use cases are areas in which GenAI excels and can add depth to typically resource-constrained ERM teams:
Communicator
GenAI can enhance internal communications by drafting a variety of content, such as emails, risk reports, and policies. This ensures consistent messaging and saves time. For instance, when announcing an enterprise risk assessment, GenAI can craft a professional email tailored to the organization’s tone. ERM leaders can customize drafts for specific audiences, ensuring clarity and engagement.
Notetaker
During risk workshops, GenAI-powered transcription bots can capture real-time notes, allowing ERM teams to focus on nonverbal cues and deeper insights. This reduces the need for follow-up questions and enhances participant engagement.
Researcher
GenAI can act as a document-grounded research assistant, sifting through large volumes of text to extract key insights and identify risk patterns. By analyzing recording transcripts from workshops and interview sessions, GenAI can identify areas to enhance risk reporting and inform audit planning.
Librarian
GenAI can streamline information access through a central ERM resource center. Such a hub enables stakeholders to navigate policy documents and historical data via natural language queries, providing on-demand support and reducing direct inquiries to ERM teams.
Trainer
GenAI-powered training assistants can deliver interactive learning experiences for new risk owners, teaching foundational risk management practices and terminology. This scalable solution addresses high-volume, low-complexity requests, supporting ERM teams in educating new stakeholders efficiently.
