AI-driven tools for Internal Audit in the Banking Sector
AI is an evolving technology that promises different industries a gamut of cutting-edge techniques and solutions. In areas as diverse as driverless cars, home energy systems, and investment portfolio management, AI is already being applied. It will also affect accounting and auditing. Artificial Intelligence allows a complete data analysis and identification of outliers or exceptions.
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Each bank wants a robust system that can help them understand the concerns in advance and report them on a real-time or regular basis for further investigations and mitigate the risk. Auditors can improve the detection of fraud by creating sophisticated machine-based learning models. Deep learning, an AI form that can analyze unstructured data such as emails, social media posts, and conference call audio files is set to transform the audit further.
Account reconciliation is a major activity that must be carried out by the bank in order to have checks and balances on the system. As part of automating the reconciliation process, AI/ML plays a key role. Read More…
Check out: How Government can benefit from Artificial Intelligence
