Practical ChatGPT Use Cases in GRC

Understanding the benefits when using generative AI

Whether for software code, website copy, college-level essays, or even a birthday poem for Mom, ChatGPT has become the go-to for almost any text-based necessity. The generative artificial intelligence (AI) program is so valuable that when it launched on November 30, 2022, it took less than five days to reach a million users, a record adoption rate for online tech companies. With endless ChatGPT use cases, just two months after its introduction, ChatGPT had 100 million active users. In comparison, it took the popular online game Candy Crush almost a year to reach that number of users. 

Days to adoption by a million users
Source: Statistica 2023

Today, ChatGPT receives approximately one billion monthly website visitors, and its active users have far exceeded 100 million. However, there are some users – like GRC professionals – who are proceeding with caution. Join us as we explore ChatGPT, the advantages of AI for GRC and how we became the first to implement it in security Compliance platform - The Anecdotes Compliance OS.

Can GRC Safely Join the Many ChatGPT Use Cases?

Practitioners operating in the Compliance space can’t help but have a security-first mindset when it comes to GRC and AI. For that reason, they are wary of Generative AI in Compliance and its possible pitfalls. For example, they are concerned that sensitive company data may be disclosed if employees enter confidential information into AI models, like ChatGPT, or that employees using the tool in their day-to-day role may inadvertently be using another entity’s intellectual property, which would open the company to legal risk.

For Compliance professionals to feel secure using AI in GRC, and more specifically ChatGPT for security Compliance, safeguards must be put in place. ISACA, the global professional IT association, warns GRC teams to be careful about sharing proprietary company data with the AI model and to ensure that adequate datasets are used to continuously train and retrain the AI model.

However, once those safeguards are put in place, there are many reasons for teams to want to start using ChatGPT for their own work.

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5 ChatGPT Use Cases in the GRC Function

Following the generative AI model’s proven ability to formulate a broad range of text, business leaders and investors have begun to focus on enterprise application use cases for ChatGPT. Here are five real-world use cases of ChatGPT and the GRC business function: 

1. Risk and Control Relationships: Generative AI provides fast and accurate answers to user inquiries when models enhanced with regulation-specific concepts can link documents to support review and validation. For example, GRC teams can leverage Anecdotes’ integration with OpenAI to ask for guidance on understanding the risk associated with a specific control. 
2. Policy and Governance Creation: ChatGPT assists with crafting messaging, and specific industry-based text helps GRC teams develop their policies. For example, Anecdotes’ AI integration helps users formulate their external-facing privacy policy or their information-gathering policy for GDPR.
3. Domain Threat Hunting: Users can query Chat GPT to understand recent insider and external threats to a control. For example, the tool can be asked to describe the main cyber threats in the healthcare sector.
4. Remediation Guidance: ChatGPT can deliver personalized recommendations to users, such as mitigation steps and strategies to close common gaps identified. For example, Generative AI for risk and Compliance can explain how to recover a corrupted activity directory in a Windows domain.
5. Contextual Changes to Relationships: Within the context of the applications used, ChatGPT provides guidance on the action to be used in solving a problem. For example, changes in business processes often require creating new controls or modifying existing controls, all of which must be validated against regulatory requirements. Anecdotes’ integration with Generative AI can link these factors to identify gaps and act as a validation step. 

These are just a few examples. We are sure that you can think of many, many more.

5 Benefits of ChatGPT for GRC

What do all of the use cases we just mentioned have in common? They prove that when Compliance professionals utilize the power of Generative AI, they can expect to gain enhanced knowledge and save valuable time. But that's not all! Consider these five additional benefits of using ChatGPT within the GRC function:

1. Improved efficiency: ChatGPT can quickly provide information and answers to questions related to GRC controls, which can save time and improve efficiency. This AI-driven knowledge helps employees and stakeholders make better decisions more quickly.
2. Increased accuracy: ChatGPT is trained on vast amounts of data and can provide standardized responses to questions related to GRC controls. This can help ensure that decisions and actions are based on precise information, reducing the risk of errors and non-Compliance.
3. 24/7 accessibility: ChatGPT is available around the clock, so employees and stakeholders can get answers to their questions at any time, even outside of regular business hours. This availability ensures that issues are addressed quickly and reduces the risk of delays or non-Compliance.
4. Greater scalability: ChatGPT can handle a large volume of inquiries and provide consistent responses across different departments and regions. This flexibility ensures that all employees and stakeholders have access to the same information, directly reducing the risk of inconsistencies in controls and Compliance.
5. Enhanced communication: ChatGPT helps facilitate communication between different departments and stakeholders by providing a common platform for asking and answering questions related to GRC controls. A platform of this type ensures that everyone is on the same page and reduces the risk of misunderstandings or miscommunication between AI and GRC.

GRC Teams Should Be Early Adopters of Generative AI

It is clear to all that Generative AI has the potential to help the GRC function increase efficiency and productivity and scale their Compliance programs, as long as used securely. ChatGPT use cases include helping GRC practitioners with their Compliance-related queries, policy creation and research and analysis, to develop personalized mitigation plans, and specific risk-related guidance. GRC teams that grab this opportunity for growth by leveraging Generative AI GRC technology are likely to gain a significant competitive advantage. Certainly, if your team doesn’t find a GRC solution with AI, your competitor will.

The First Security Compliance Platform to Integrate Generative AI

To help security and GRC teams navigate this new technology, Anecdotes is the first tool in the security Compliance space to integrate the world’s most advanced Generative AI, OpenAI, into its solution. By either choosing from the query library or writing their own, customers can now enjoy contextual responses to their control, risk, and policy questions right from within the platform. To learn more about how The Anecdotes Compliance OS can provide you better efficiency, accuracy, and 24/7 access to contextualized guidance, click here.

Frequently Asked Questions

What are some real-world use cases of ChatGPT in GRC?

ChatGPT can assist GRC professionals in various tasks, including risk and control relationship analysis, policy creation, threat hunting, remediation guidance, and contextual changes to regulatory controls. By integrating generative AI into their workflows, GRC teams can streamline compliance processes, improve efficiency, and enhance decision-making accuracy.

How can generative AI improve GRC processes?

Generative AI, like ChatGPT, can enhance GRC by providing quick, accurate responses to compliance-related queries, creating standardized policy documents, assisting with risk assessment, and offering real-time guidance on remediation. It can also enhance employee training with tailored materials and uses natural language processing to analyze regulatory changes.

What are the risks of using ChatGPT in GRC?

‍GRC professionals are cautious about using ChatGPT due to concerns about data privacy and intellectual property risks. Employees might unintentionally share sensitive company data with the AI, or generate content that infringes on intellectual property. Implementing safeguards, such as adequate data governance and AI training, is crucial to mitigating these risks.

What are the key benefits of using ChatGPT for GRC teams?

ChatGPT offers numerous benefits for GRC teams, including increased efficiency, improved accuracy, around-the-clock accessibility, scalability across departments, and enhanced communication. Compliance professionals using generative AI can make faster, more informed decisions and ensure consistent compliance practices across their organizations.