NEW YORK -- Diligent, the leading governance, risk and compliance (GRC) SaaS company, announced Diligent AI Risk Essentials (AI Risk Essentials), a new solution designed to initiate and strengthen an organization’s enterprise risk management (ERM) program. Supported by benchmarking risk data from SEC 10-K filings, AI Risk Essentials can be implemented in less than a week, enabling GRC professionals to immediately prepare for board-level discussions, swiftly identify risks, conduct risk assessments, implement mitigation strategies and monitor progress.

AI Risk Essentials builds on Diligent’s track record of AI innovation, including the release of GovernAI, a suite of AI-powered features within the Diligent One Platform designed to streamline governance and risk workflows, saving valuable time for boards, executives and legal professionals while ensuring the highest levels of security and responsible AI usage.

With more than 77% of directors reporting that their board regularly discusses new risks and implications for the company, the demand for enhanced benchmarking data and risk management solutions is on the rise. AI Risk Essentials provides organizations with access to over 120,000 risks from SEC 10-K filings, allowing them to easily benchmark against their peers, identify potential blind spots and expedite building their risk register.

“Leveraging advanced AI-driven solutions like Diligent AI Risk Essentials enables organizations not only to quickly identify and assess these uncertainties but also to strategically benchmark their risks against industry standards,” said Michael Rasmussen, GRC Analyst, Influencer & Pundit, GRC 20/20. “Integrating these insights into decision-making empowers leaders to proactively mitigate risk, align their ERM programs with strategic objectives, and ultimately drive resilience and agility in achieving their organizational goals.”

The need for a sophisticated, AI-powered ERM solution is more pressing than ever with only 32% of organizations characterizing their risk oversight practices as mature or robust and many still relying on manual tools such as spreadsheets. AI Risk Essentials - in addition to other AI capabilities on the Diligent One Platform - provides teams with:

· AI-powered risk identification and benchmarking data: Providing a comprehensive starting point for effective risk management through AI-assisted benchmarking suggestions using SEC 10-K risk data.
· Streamlined risk assessments: Enabling collaboration with risk owners to set impact and likelihood of strategic risks, ensuring an accurate understanding of risk exposure.
· Simplified risk mitigation plans: Making risk mitigation straightforward by consolidating all essential information, ensuring clear visibility and accountability.
· An interactive risk heatmap: Allowing users to visualize risk severity, gain actionable insights and help prioritize their strategic focus.
· Access to Diligent’s Education and Templates Library: Including a wide range of board, executive and legal resources along with the newly released ERM Certification, designed to promote best practices for enhancing risk maturity and developing risk literacy.

“The volume and complexity of risk management have increased exponentially in the last five years, but most organizations are hampered by varying levels of risk maturity, resourcing and inadequate tools,” said Scott Bridgen, General Manager, Risk & Audit at Diligent. “Now, by leveraging AI-powered insights and benchmarking capabilities, organizations of any size can quickly identify, assess and mitigate risks. Governance and risk professionals can effectively jumpstart or enhance an enterprise risk management program in time for their next board meeting.”

AI Risk Essentials is a component of Diligent’s three-tier ERM product suite, which has garnered accolades from leading analysts such as Forrester, Gartner and IDC. The ERM product suite offers a range of solutions that scale with clients’ needs as they mature and require more advanced ERM solutions. For more information about Diligent AI Risk Essentials, visit: https://www.diligent.com/products/ai-risk-essentials.

Diligent will host its inaugural AI Innovations Virtual Summit on Wednesday, April 30th to showcase how AI is transforming governance, risk and compliance. Attendees will hear from experts and learn best practices for improved decision-making and building organizational resilience using AI. Register now at: https://www.diligent.com/resources/events/ai-virtual-summit