Finance & Accounting Teams
ThinkRisk is an end-to-end solution that helps Finance and Accounting Teams improve process efficiency, automate internal controls, eliminate capital leakage, and maximize employee productivity. The solution empowers teams with prescriptive insights into their financial transactions and internal controls using the power of artificial intelligence and domain expertise to build trust and strength in their financials.
Reduction in Write-offs and Discrepancies
Reduction in Transaction Review Time
Average Recovery Per Customer in 6 Months
The Problem
Finance’s mandate is expanding, and the pressure is higher than ever before to be closer to the business operations as a key partner. There is an expectation to provide critical insights to business leaders in real-time, while spending less time on transactional finance and lowering costs. Current Excel-based manual activities, lack of proper automation and the rising costs of workforce talent is making this mandate an even bigger challenge for most Finance Teams.
What ThinkRisk Provides
ThinkRisk provides an AI-driven autonomous risk management solution for Finance Teams to proactively detect, review, investigate and mitigate transactional risks in real-time by using its patent pending Transaction Quality Monitoring system. This solution increases the quality of account balances and automates management reviews while improving the overall internal control health.
By eliminating manual data compilation and validation, Teams are free to focus more on mission-critical high-value work. ThinkRisk identifies processing errors, accounting anomalies, internal control issues and capital leakage in real-time and pushes those issues to the appropriate individual to take rapid action – at scale.
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Before & After ThinkRisk
Before
Finance and Accounting Teams spend nearly 80% of their time manually gathering, verifying, and consolidating data, leaving only 20% of their time for analysis and decision making. This does not provide them enough time to go through each transaction and identify all of the transaction irregularities within the data and consequently 60% of the frauds and errors go undetected on average. In addition, too much time is spent on getting through reviews of high volume and low risk mundane items, which results in the high-risk items not getting the required attention, causing material financial impact.
After
Finance and Accounting Teams can now continuously monitor transaction quality to detect blind spots, frauds, errors, and noncompliance autonomously. The ThinkRisk solution generates insights for Finance Teams to increase efficiency and lower costs, while detecting and mitigating high impact material risks – but more importantly – enable teams to upskill the workforce and deliver a better human experience for both businesses as well as employees. ThinkRisk is the only Al solution that empowers FAO teams with data-driven risk insights and integrated investigations to capture the user’s interaction with the outcomes – which in turn continuously increase accuracy and ROI.
Capabilities for Finance & Accounting Teams
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Drive Automation
- Enable financial transformation for clients with AI-driven risk automation.
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Improve The Quality of Outcomes
- Create data-driven risk insights for users to detect and mitigate risks in real-time to improve the quality-of-service offerings to clients.
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Scale Operations
- Bring efficiency and scale by eliminating manual data and analytic efforts in service offerings.
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Improve SOX Compliance
- Status reporting of transactional risk remediation.
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Improve Liquidity
- Free up capital by scaling the operations using a SaaS solution for quick ROI.
Improved fraud detection and prevention. Now I can better substantiate the appropriateness of transactional activity and find higher risk records that can be analyzed for fraud. The business can now trust that internal audit is really looking for transactions that could be fraud, and that we really need the support for higher- risk entries.
The business can now trust that internal audit is really looking for transactions that could be fraud. They also now have the confidence that the numbers, the financial statements reflect what is really going on in the business, in near real-time.
TR has been a good piece of security we can run all our transactions through. Now we have confidence our internal controls and processes are working to prevent fraud and other issues - and we can communicate this to our Board and audit and risk committee. We can also trust the quality of our data. It's an extra level of comfort that things are under control.
ThinkRisk platform significantly reduces our time spent identifying anomalies as well as providing a higher level of accuracy. We hope to continue using the platform for many more use cases to increase efficiencies in our audit, SOX, and risk management process.
ThinkRisk not only brought the technology to the internal audit function, they also brought the audit background and expertise. And because they are not a big bureaucracy, we could be open about what we want and they could be more flexible.
We're working with ThinkRisk on contract approval management software to automate the process of capturing information out of all of our contracts. This it to provide Finance with the notifications of when they need to bill various sponsors and let us know in advance when contracts are due to expire as well.
For our external auditors as well, ThinkRisk provides them with insights into what we were doing through our last end of financial year audit. It gives them a level of comfort, as well, that we're on top of our cybersecurity and the integrity of the financials we're producing.
ThinkRisk designed for us the platform we needed so that we can needle, really needle our transaction samples and find the fraudulent ones.
As auditors leading this project, we were able to show the value ThinkRisk would bring to Finance. Audit hours would come down and there would be a lot more reliability of the information that is coming out. And you'd be able to address problems upfront, rather than waiting for them to blow up in your face later. You'd be able to deal with them in a more preventative, rather than corrective way.
With AI-driven automation and Transaction Quality Monitoring in real-time, Finance Teams can scale their operations, as well as provide timely risk insights to the business – enabling them to become better partners – while reducing operational costs and enhancing compliance . . . the ultimate fast track to ROI.