WHAT IS AI RISK RATING FOR JE?
Across a wide array of industries, organizations have been pressured to do more with less, and more often than not, the office of finance is impacted first. Especially throughout the financial close and journal entries, in particular, the volume has increased while labor has remained steady or decreased. In order to complete JE postings, the office of finance must have timely and complete visibility throughout the Record to Report (R2R) process. Fortunately, Artificial Intelligence can play a powerful role in providing greater efficiency and effectiveness in reducing risk.
AI Risk Rating for JE uses Financial Controls AITM, a type of Artificial Intelligence purpose-built for the complex needs of the office of finance, to identify high-risk entries for timely resolution during the R2R process. Embedded within the Journal Entry process, AI Risk Rating provides visibility into the risk associated with JEs. It can take corrective measures leading to an increase in efficiency, reduction in risk and fraud and also enable increased automation without increased risk. Now, as part of your financial close process, the appropriate personnel will have effective visibility and control over areas of high risk.
“27% of finance departments expect to deploy Artificial Intelligence as early as 2020.” – Gartner 2018 Finance Technology Deployment Plans
HOW AI RISK RATING IMPROVES THE FINANCIAL CLOSE PROCESS
With the speed of business only increasing, the financial close must be completed in reduced time with reduced risk. AI Risk Rating for JE takes a visibility-focused approach to analyze the risk of journal entries throughout your month-end close. Human intervention is factored into the workflow for higher-level analysis, ultimately creating more peace of mind every step of the way and enabling increased automation without increased risk.
FINANCIAL CLOSE BENEFITS
- Evaluates risk within Journal Entry posting data
- Automates and optimizes workflows based on risk levels
- Increases R2R process efficiency
- Recommends best practices for risk evaluation and human intervention
ABOUT CADENCY’S SYSTEM OF ACCOUNTING INTELLIGENCE
Cadency’s System of Accounting Intelligence (SOAI) combines ground-breaking automation technologies, such as Financial Controls Artificial Intelligence (FC-AI), Robotic Process Automation (RPA), ERP Connectors and Bots, and cleverly applies them throughout Cadency’s System of Controls (SOC) to support the often manual and complex Record to Report process. These technologies offer unique, powerful solutions to some of the most complicated R2R challenges and readily scale as the financial transformation journey evolves and businesses grow.