How AI Helps Internal Audit Departments Work Smarter
The use of artificial intelligence in business applications has reached a tipping point.
A study issued in 2020 indicated that 39% of large companies were planning to use AI. But other research indicates that finance and internal audit functions lag other corporate functions such as product development when it comes to using advanced tools.
The ThinkRisk platform is already in place in organizations across the world, improving the outputs and effectiveness of internal audit departments:
- Documented savings of more than 400 hours in a small IA department through the automation of anomaly discovery
- A 25% increase in the number of incorrect AP transactions as compared to the previously used manual processes in Internal Audit
- Finding $1.6M in errors in the first two months of operation
The Growing Trend
Artificial intelligence is a practical and now-accessible tool for companies to increase both the effectiveness and efficiency of their internal audit functions, as it can discover and even help remediate internal reporting issues, allowing your internal audit staff to focus on higher value work.
And while the notion of AI may be daunting, the companies we serve run the spectrum of global organizations to national or regional ones. The element in common is that these clients have determined that the cost-benefit.
The Next Step
ThinkRisk is already helping finance, accounting, and internal audit departments in companies across the world uncover and mitigate risk in a variety of industries. The power of artificial intelligence and machine learning eliminates much of the need for manual reconciliation, which reduces latency in the discovery of anomalies and the drudgery of reconciliation.