Monitoring and controlling general ledger entries enables our customers to maintain a streamlined close process by proactively highlighting potential control failures and fraud at a transactional level, applying these insights to efficiently address and mitigate financial risk.
Analyze all your accounting entries
Obtain greater visibility of your accounting entries and identify those that may represent financial risk, which often go overlooked and undetected with legacy systems. ThinkRisk analyzes 100% of our customers’ transactions, assigning each transaction an appropriate risk score and a respective classification of high, medium, or low. These scores are primarily based on customer-defined business context and a complimentary AI scoring framework to quickly isolate significant transactional anomalies.
Audit every transaction
Transaction analysis presents details of selected anomalies, offering controllers and auditors a single-pane-of-glass solution to perform thorough reviews, understand the root-cause of the misappropriation and subsequently, collaborate with team members to mitigate the finding.
Insights into your financial statements
ThinkRisk provides analytical insights into accounting entries’ movement for a given period across financial statements highlighting exceptions and outliers that impact the balance. It helps in detecting and preventing financial misstatements, significant deficiencies, and material weakness.
Improving the quality
of management review
Early detection of errors that typically go undetected helps management increase the quality of balance sheet account reviews. Controllers can identify potential risks in every balance sheet account by analyzing the anomalies and hence avoid the risk of misstatements at the time of a financial close and enhance the overall control environment.
Organisations gain significant tangible value from improvements in the close process through efficiency and better risk identification. Also, effective close processes help CFOs have more confidence in their numbers, better decision-making, and upskilling the finance teams.