HOW FINANCIAL CONTROLS AI IMPROVES THE FINANCIAL CLOSE PROCESS
Artificial Intelligence (AI) is the simulation of human intelligence by computer systems; it can do a variety of things, including information gathering, pattern recognition, logical reasoning, and drawing conclusions. This technology is already being leveraged by thousands of organizations around the world to drive business process improvements, automate manual tasks, and gain actionable insights from vast amounts of data. For office of finance’s Record to Report process specifically, the value of AI grows significantly when it becomes Financial Controls AI (FC AI).
Trintech has developed FC AI as part the Cadency platform, and it’s used to quantitatively evaluate risk across various elements of the Record to Report process as well as automate workflows based on this risk profile, all while identifying high-risk items for human review. FC AI can also analyze your compliance framework and recommend control enhancements using historical and predictive analysis. It’s an amazing technology that greatly reduces financial risk from multiple angles, saves you time and resources, and ultimately helps your office of finance transform its operations.
AI technology can be used to drive preventative controls to reduce overall risk in the close process while driving efficiencies and detective controls to ensure risky transactions do not slip through the cracks. Benefits of utilizing AI include increased speed, reduction of manual effort, and increased accuracy.
– Forrester Consulting 2020 – Leveraging Advanced Technology to Succeed in a Complex Financial Environment
How Financial Controls AI Improves the Financial Close Process
The need for financial transformation is driven by the desire to reduce risk, and Financial Controls AI takes a detail-oriented approach to analyzing the risk of individual actions throughout your period-end close. The efficiency and effectiveness gains it creates help produce accurate financial statements, and ultimately more peace of mind every step of the way.
Financial Close Benefits
- Evaluates risk across various financial close process, entities and functions
- Automates and optimizes workflows based on risk
- Develops insights into compliance controls through data analysis
- Recommends best practices for risk evaluation and automation based on benchmarking
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Amplify Your Automation Initiatives While Reducing Risk withing your Office of Finance with SAP and Cadnecy's Financial Controls AI
At Trintech, we proactively envisioned this shift coming, which is why we have been adding these capabilities into our System of Accounting Intelligence™ (SOAI) platform to help our customers stay ahead of the curve in their automation journey within the Office of Finance.
With our JE SAP connector and state of the art Risk Rating engine, AI and Machine Learning is at your fingertips for automatically quantifying risk. You can easily identify journals that are considered high risk based on your unique use cases and criteria, and can take necessary preventive actions to proactively manage risk in the Journal Entry process.
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