Press Release: Sept. 23, 2024
Latest release introduces Apromore Compliance Center, GenAI-enabled Copilot, Variant Comparison among key enhancements
MELBOURNE & NEW YORK – Sept. 23, 2024 - Apromore, a global leader in process mining and business process improvement technology, today announced major updates to its platform. New enhancements include Apromore Compliance Center, a dedicated module designed to streamline compliance management and significantly reduce associated risks and costs. In addition, a GenAI-enabled Copilot, Variant Comparison and other advanced process analytics help businesses drive operational excellence, while improving compliance posture for more effective governance, risk and compliance (GRC) strategies.
Highly regulated industries like financial services, energy & utilities, healthcare and the public sector face unprecedented regulatory intensity, marked by rapidly evolving regulatory requirements and complexity associated with higher implementation costs and organizational impact. Non-compliance can lead to significant financial penalties, legal consequences, and reputational damage. U.S. banks have been penalized $243 billion in the decade 2008-20181 and today it is estimated that financial institutions spend $181 billion annually on maintaining compliance.2 By embedding continuous process monitoring and simulation throughout critical operations, organizations can proactively meet regulatory demands and minimize the risk of penalties and disruptions.
“Apromore Compliance Center marks a paradigm shift in enabling organizations to navigate the complexities of today’s regulatory landscape," said Marcello La Rosa, CEO & Co-Founder of Apromore. "With Compliance Center we are empowering businesses to perform automated control testing at scale, root-cause compliance breaches with process intelligence, simulate the impact of process changes on control effectiveness, and enable continuous compliance monitoring. Altogether, this provides a more robust and insightful control framework for our customers, while significantly reducing the costs associated with regulatory adherence. The Compliance Center is more than just a tool; it’s a strategic asset that enables organizations to turn compliance from a burden into a center of excellence."
Apromore Compliance Center Sets New Standard for Control Effectiveness
The new Apromore Compliance Center empowers compliance and risk professionals to manage compliance risks, monitor operational controls in real-time, streamline reporting and ensure regulatory adherence. It interoperates seamlessly with GRC systems via its APIs to import registers of risks, obligations and controls, and to export compliance analytics such as control breaches.
Key benefits:
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Reduce compliance violations: Enhance visibility into critical operations and significantly reduce compliance breaches via automated control testing and root-cause analysis based on process intelligence.
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Improve audit readiness: Simplify audit preparation with automated compliance reports, maintaining up-to-date records for both internal and external auditors.
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Drive efficiency in change management: Reduce the costs of rework in process change management by simulating the impact of process change on control effectiveness before implementation.
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Lower compliance costs: Cut compliance costs by identifying redundant controls and by automating key control testing and compliance monitoring.
Apromore Enhances Process Intelligence Capabilities
In addition to the Apromore Compliance Center, Apromore version 10.1 introduces several other capabilities and updates, including:
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Apromore Copilot: a GenAI-enabled assistant that streamlines complex discovery and analysis tasks through a user-friendly conversational interface. Use it to quickly identify bottlenecks and other friction points and understand their impact on process KPIs. Future iterations will enable simulation and context-aware recommendations.
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Variant Comparison: compare process variants in a single integrated view rather than side-by-side. Use it to uncover differences in frequency, duration and cost, and identify best practices to inform mergers and standardization initiatives.
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KPIs & Metrics Center: build a library of reusable, custom process metrics and compose these into KPIs using Apromore’s intuitive no-code UI. Add KPIs into custom dashboards for real-time performance tracking and alerting when KPI targets are breached.
With the release of Apromore v10.1 and the Compliance Center, Apromore advances process intelligence and compliance management to help organizations meet regulatory demands while optimizing performance. Developed from over a decade of research, the platform offers no-code features and an intuitive UI, consistently providing insights into operations and compliance.
Apromore is a leading global provider of process mining and AI-driven business process improvement technology. Our mission is to democratize process mining by making it possible for business teams to rapidly use advanced data science techniques to achieve digital transparency and operational excellence, in a completely no-code environment. Built on award-winning AI technology, the Apromore platform transforms how teams make decisions and their ability to unlock value in transactional data by revealing inefficiencies, friction points, and compliance violations in their processes. Visit www.apromore.com
Media Contact:
Heather Racicot
heather.racicot@apromore.com
+1 360-632-5616