Artificial Intelligence - Record to Report Automation Framework
Summary
Have you heard that Machine Learning (ML) and Artificial Intelligence (AI) are enabling computers to win at chess, using weather data to improve profits and providing insights previously never imagined? It’s true, and Trintech is in the process of building out ML and AI technologies that help you improve your controls in your financial close process to detect fraud and lower costs without increasing your risk profile and still satisfying your audits. Within Cadency, Trintech has built up large datasets on how your users execute your system of controls and can compare them to your compliance framework which documents your risk profile. For example, you have 20 journal entries that are auto-approved each n-5 day in your close and 3 which are manually approved by Joe above $100,000. This functionality then enables Cadency (in real-time) to: Our goal is that via ML and AI, we will continue to improve efficiency and effectiveness, reduce cost and risk all in the goal of enabling you to produce non-restatable financial reports.
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