What is Financial Controls AI?
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.
27% of finance departments expect to deploy Artificial Intelligence as early as 2020.
– Gartner 2018 Finance Technology Deployment Plans
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
About Cadency’s System of Financial Intelligence
Cadency’s System of Financial Intelligence (SFI) combines ground-breaking automation technologies, such as Artificial Intelligence (AI), Robotic Process Automation (RPA) and Bots, and cleverly applies them throughout Cadency’s System of Financial Controls (SFC) to support the often complex and complicated Record to Report process. These technologies offer unique, powerful solutions to some of the most complex R2R challenges and readily scale as the financial transformation journey evolves and businesses grow.