Review Your Data With Artificial Intelligence using AuditMap for Banking.
Your organization relies on you for understanding and managing all of the risks within your financial institution. Cybersecurity and fraud need to be top of mind at all times.
The banking risk landscape is changing fast, and Internal Audit is hard-pressed for resources and competencies to meet the assurance demands of its stakeholders. Additionally, rapidly changing teams leave poor knowledge transfer within the organization.
By consolidating all past reports with the ability to identify key sentences provides the ability to review a function or department in a matter of hours. New team members quickly learn from past insights the key areas of concern while navigating the trends of new emerging threats.
The audit function is historically seen as a cost to the organization from the eyes of other departments.
The ability to identify risks and improvement recommendations from previous audit reports can then be shared with the various management teams within the organization. The internal audit function can now be seen as being more in sync with corporate strategy by assisting and supporting (not hindering) all of the teams, as they are now told about all past opportunities for improvement.
While many areas of concern historically always take priority, emerging and atypical risks may be missed as less interesting functions could be left unaudited out of habit.
The quantification of identified risk count against relevant documentation allows for a clear historical coverage gap of all past audits. Changes in the number of risks and relevant documents (per year) will advise auditors on recommended levels of effort for better outcomes.
We have been working with the AuditMap.ai team for the past several months and are pleased with their SIX specified pilot for using AI for auditing purposes and are looking forward to working with the team to extend our relationship.
