Identify and remove risk from your financial statements with the power of Financial Controls AI™
DALLAS, TX / ACCESSWIRE / December 17, 2019 / Trintech, a leading global provider of integrated Record to Report software solutions for the office of finance, today announced its newest Artificial Intelligence (AI) investments, AI Risk Rating for Journal Entries and Risk Intelligent Inspect™ powered by MindBridge Ai. Each of these investments leverage Financial Controls AI™, a type of Artificial Intelligence developed specifically for the complex needs of the office of finance to identify errors and anomalies in financial data. It uses a risk-based approach to help financial professionals optimize global controls and automate workflow.
“Artificial Intelligence is playing a powerful role in helping organizations analyze financial data, identify insights and ultimately remove risk in their balance sheet as far down as each individual transaction,” said Michael Ross, Chief Product Officer at Trintech. “As the risk of fraudulent activity and misstatement continues to rise, we are continuing to invest in our AI strategy to better provide our customers with solutions that efficiently and effectively reduce risk throughout their financial close process.”
Embedded within the Journal Entry process in Cadency, AI Risk Rating takes a focused approach to analyzing the risk of journal entries throughout your month-end close. Based on customer’s historical data and proprietary machine learning and AI algorithms, Journal Entries are risk rated for elevated visibility and corrective action or increased automation prior to posting.
Risk Intelligent Inspect uses Financial Controls AI capabilities to provide an in-depth assessment of risk, such as fraudulent transactions and manual adjustments, all the way down to the transaction level. It quickly analyzes each account and provides a risk rating while incorporating the correct controls and materiality thresholds. Additionally, the solution’s machine learning capabilities enable even deeper, more predictive insights over time. Risk Intelligent Inspect vastly improves an organization’s ability to identify fraud and validate controls in a way that simply cannot be done manually or through basic automation.
Cadency‘s automation capabilities are enabled by its unique System of Accounting Intelligence™ (SOAI), which combines emerging automation technologies, such as Financial Controls AI, Risk Intelligent RPA™ (RI RPA), ERP Connectors and Bots, and applies them throughout Cadency’s System of Financial Controls™ (SFC) to support the often manual and complex Record to Report process. These technologies offer unique, powerful solutions to some of the most complicated R2R challenges and readily scale as the financial transformation journey evolves and businesses grow.
Trintech Inc., a pioneer of Financial Corporate Performance Management (FCPM) software, combines unmatched technical and financial expertise to create innovative, cloud-based software solutions that deliver world-class financial operations and insights. From high volume transaction matching and streamlining daily operational reconciliations, to automating and managing balance sheet reconciliations, intercompany accounting, journal entries, disclosure reporting and bank fee analysis, to governance, risk and compliance – Trintech’s portfolio of financial solutions, including Cadency® Platform, Adra® Suite, and targeted tools, ReconNET™, T-Recs®, and UPCS®, help manage all aspects of the financial close process. Over 3,500 clients worldwide – including the majority of the Fortune 100 – rely on the company’s cloud-based software to continuously improve the efficiency, reliability, and strategic insights of their financial operations.
Headquartered in Dallas, Texas, Trintech has offices located across the United States, United Kingdom, Australia, Singapore, France, Ireland, the Netherlands and the Nordics, as well as strategic partners in South Africa, Latin America and Asia Pacific. To learn more about Trintech, visit www.trintech.com or connect with us on LinkedIn, Facebook and Twitter.
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SOURCE: Trintech, Inc.
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