Iris GRC leverages Vero AI’s advanced analytical engine Iris to more quickly assess organizations’ compliance at scale in the ever-evolving regulatory environment
CHAPEL HILL, N.C., Nov. 12, 2024 /PRNewswire/ — Vero AI, an AI-native platform that helps enterprises harness the potential of AI while minimizing risk, today released Iris GRC (governance, risk, compliance), an AI-powered evaluation tool to help global enterprises across all sectors streamline their compliance efforts for faster and more accurate results. Iris GRC analyzes and evaluates a wide range of organizational documents to determine a company’s compliance status for meeting regulatory standards including SO, HITRUST, and SOC 2, while helping them stay ahead of upcoming legislation.
Regulatory compliance can be exceptionally challenging for today’s digital-driven businesses, with non-compliance posing serious financial and reputational risks. Traditional compliance efforts are manual, time-consuming (up to eight weeks for just one report), and typically focus on meeting basic annual requirements. To address this, organizations are turning to automated technologies, including ChatGPT, to streamline their GRC processes. However, these technologies come with challenges including data privacy concerns, algorithmic biases, unreliable outputs, and hallucinations.
Iris GRC, built around Vero AI’s powerful, science-based analytical engine Iris, analyzes an organization’s vast amount of data at scale without the vulnerabilities of large language models (LLMs) such as ChatGPT and off-the-shelf tools. Through secure and trusted algorithms monitored by a team of experts, Iris GRC automatically compares information against regulatory guidelines and other criteria to pinpoint areas of compliance and highlight gaps, offering clear recommendations to meet standards. This enables smarter and more actionable decision-making while saving businesses countless hours of manual labor.
Overcomes GenAI’s Trough of Disillusionment
As the first roll-out of Vero AI’s industry-specific applications, Iris GRC is purpose built to provide enterprises with the most effective and secure cutting-edge AI technology for faster and more accurate results, transforming their compliance management processes. Unlike off-the-shelf GRC AI offerings and ChatGPT, Iris GRC (made possible through Iris’ AI-native engine):
- Exceeds human capabilities when identifying critical information
- Avoids hallucinations
- Creates consistent and accurate results
- Provides rigorous data security in transit, at rest, and in use
- Integrates scientific best practices into the process, eliminating the need for prompt engineering and providing expert guidance across multiple analysis steps.
“Organizations are increasingly overwhelmed by the complexity of today’s regulatory landscape, particularly with new AI-specific legislation on the horizon,” said Eric Sydell, Co-founder and CEO of Vero AI. “Iris GRC integrates the latest and safest AI tools, including large language models, to capitalize on the benefits this technology can bring in automating compliance guidelines while eliminating GenAI’s known weaknesses. Iris GRC ensures organizations meet regulatory requirements and align their risk management strategies with broader business goals.”
Iris GRC delivers swift results without the need for additional resources or costs. It enhances the overall effectiveness of an organization’s compliance efforts through:
- Detailed insights to assess whether their processes meet all relevant standards
- Precise analysis to identify where compliance is achieved and where it falls short
- Actionable guidance for clear recommendations on how to address non-compliant areas
- Future-ready to evaluate against upcoming standards and stay ahead of the curve
- Comprehensive coverage for aligning with additional, potentially overlooked standards
About Vero AI
Vero AI’s Iris platform is a first-of-its-kind analytical engine built to help enterprises process and understand both numeric data and unstructured information such as text in a fully automated, scaled, easy manner. Through its scientifically derived, AI-assisted platform and objective framework, the VIOLET Impact Model, Vero AI ingests information of all types and creates meaningful, interpretable, reliable scores that allow users to know immediately whether their existing AI tools, algorithms or any set of information is functioning across a range of customizable criteria. Vero AI’s Iris engine is a cognitive architecture that expands basic GenAI functionality to solve specific business problems in an enterprise-grade environment. To learn more visit https://www.vero-ai.com/.
SOURCE Vero AI
