QuantaVerse Debuts ‘CAE Checkup’ to Help Corporations and Financial Institutions Evaluate the Effectiveness of an Artificial Intelligence Approach to Internal Risk Audits

QuantaVerse Debuts ‘CAE Checkup’ to Help Corporations and Financial Institutions Evaluate the Effectiveness of an Artificial Intelligence Approach to Internal Risk Audits
15.12.2017 06:05 am

QuantaVerse Debuts ‘CAE Checkup’ to Help Corporations and Financial Institutions Evaluate the Effectiveness of an Artificial Intelligence Approach to Internal Risk Audits

Artificial Intelligence , Security

QuantaVerse, the first in the market with AI solutions purpose-built for identifying financial crimes, today announced a new service that corporations and financial institutions can utilize to experience the effectiveness of an AI-based approach to audit investigations. The CAE (Chief Audit Executive) Checkup service leverages the QuantaVerse AI Financial Crime Platform to analyze enterprise data and more efficiently and effectively identify insider threats, bribery, corruption, money laundering, fraud, terrorism financing and third-party risks that traditional internal audit investigations routinely miss.

For corporations and financial institutions, financial crime is a complex, ever-evolving issue that has serious operational, financial, legal, regulatory and reputational risk implications. While governments and law enforcement agencies around the globe are stepping up efforts to combat financial crime, it falls to internal audit teams to help improve and protect their organizations.

Given the technology historically available to them, Chief Audit Executives (CAEs) and internal audit teams had to limit their investigations to representative samples of data and conduct a manual search for abnormalities or anomalous activity within that data. These representative samples require the development of a time-consuming sampling methodology, which coupled with smaller data sets, can lead to unnecessary risks and potentially missed financial crimes.

QuantaVerse is capable of ingesting and examining data from a variety of sources including core accounting, core banking, travel and expense reporting, vendor servicing, trade/export, and other types of enterprise systems. Through its AI analysis, QuantaVerse identifies anomalous data patterns related to both known and not yet identified financial crime typologies.

The CAE Checkup lets organizations see first-hand how AI analysis can improve their audit processes and outcomes. It includes client-specific audit working papers and reports outlining the most serious identified anomalies, as well as a visual presentation so results can be interpreted quickly. The CAE Checkup also includes the supporting documentation needed to conduct further investigations, if indicated.

As an example, if an internal team was tasked to audit an international electronics company’s line of business (LOB) with Uzbekistan, the team would manually review 150 travel and expense reports for anomalies, one month’s worth of core accounting system records of financial transfers to/from Uzbekistan, and 30 days of vendor payments as they relate to possible FCPA or other insider threat or corruption risk. The internal audit team might identify 1-2 cases in which employees submitted questionable travel expense reports. In a CAE Checkup engagement, the internal audit team could have leveraged AI to examine thousands of combined data points to holistically screen all LOB data related to Uzbekistan for known and unknown financial crime red flags truly worthy of their attention.

“While financial crime continues to be a serious problem for organizations of all sizes, AI and advanced data analytics offer the ability to meaningfully reduce risk,” explains David McLaughlin, CEO and Founder of QuantaVerse. “Our CAE Checkup is a fast and easy method for audit leaders to evaluate the effectiveness of an AI-powered audit in improving the detection of entities or transactions that present unacceptable risk.”
 

Related News

New Squirro Solution Uses Power of AI to Bring Deep Customer Insight to Financial Services Firms

Squirro, the AI driven context intelligence and insights solution provider, has announced the launch of its new financial... Read more »

FICO Predicts AI and Blockchain Will Meet in 2018

The growing use of blockchain technology in financial services will include a healthy dose of artificial intelligence, as new, automated analytic techniques look for patterns... Read more »

Can AI and Sentiment Analysis provide the edge that your Finance company needs to surge ahead of the competition?

Major conference on AI and Sentiment Analysis in Finance, Hong Kong, 7-8 March 2018

Artificial Intelligence is seen by many as the main driver of the 4th... Read more »

DigitalGenius Raises $14.75M Series A to Accelerate Adoption of AI in Customer Service

DigitalGenius, the leader in AI for customer service, today announced it has secured $14.75 million in Series A... Read more »

Text IQ Named One of the World's 100 Most Promising AI Companies

CB Insights has named Text IQ to the AI 100, a prestigious ranking... Read more »

SBDA Group and FinSight Ventures Announce the Closing of Series A Investment Round to Advance SBDA’s AI Customer Engagement Solution for Retail Banks

SBDA Group signs agreement with lead investor FinSight Ventures and Digital Space Ventures to close the Series A venture investment round. The funding will be used to advance... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53, +44 (0) 173 261 71 47 Download Our Mobile App