Choosing the Best AI-Powered Solution for Your Finance Team? Take a Model Approach.
When deciding which A.I. solution is right to help your finance team achieve greater productivity, it makes sense to take a model approach. The model in question is Oversight’s GRM: our Global Risk Model. The GRM is the heart of our machine learning – ML – driven transaction audit capability. It leverages our unrivaled technology innovation experience, and it’s what makes our AI truly smart. Discover here why Dumb A.I. is to be avoided
Oversight's Two Decades of Constant Development = Your Risk Reduction Advantage
In a cutting-edge space such as artificial intelligence, it’s tempting to assume new vendors will offer the strongest solutions. Not so. Oversight has 20 years of experience developing and implementing A.I. solutions for finance professionals. Our history informs and enriches everything we do, not least by constantly growing the amount of data we can access to help us build smarter models. So, the fact that we have the longest track record in the industry also means that we have the most powerful A.I. solutions to offer. Today and tomorrow.
‘Powerful’ is defined by functionality; more on that in a moment. It’s also about business advantage. Our Global Risk Model leverages machine learning technology to give you more than just a head start in the race to heightened performance with smart AI. The GRM accelerates you to the halfway point right from the get-go.
How? It’s a question of speed, with dramatically reduced time to value from initial implementation. It’s about efficiency, with no time lost learning complex new systems and no loss of team productivity and momentum. And it means value added, with savings swiftly realized from improved risk identification, remediation, and elimination.
Take an All-round Approach to Risk with the Oversight Global Risk Model
Human intelligence and time are still being devoted to searching for the proverbial needle in the haystack. Identifying potentially questionable transactions – exceptions to pre-set rules - that might, or might not, prove to harbor significant risk of loss or fraud.
Oversight’s core AI reverses the ratio of human search effort to effectiveness. Now, 95% of skilled team time can be immediately directed to the 5% or less of exceptions that are most likely to represent risk. Vast volumes of transactions are analyzed automatically and categorized intelligently, according to your chosen risk and exception parameters. Day-to-day, this could apply to Accounts Payable, T&E and P-cards, or other areas where the organization is at risk of losing money from mistakes or malpractice.
Your Data. Your Way.
The GRM is not a black box. It works with client data and client preferences. It does not impose a rigid external framework. The model factors in current audit practice around the identification and resolution of exceptions. In effect, it applies pre-defined risk assessment criteria, just as the finance professional would do. But on a large scale and automated basis.
To be Meaningful, Exceptions Need to be Exceptional. And for Clear Reasons.
The organization sets the rules that each transaction should conform to. Some transactions will prove to be exceptions to the rules. Across tens of thousands of transactions, there will be hundreds, or thousands, of exceptions. But not all will merit the same scrutiny. There will be a lot of ‘noise’ – potentially time-wasting issues. The Global Risk Model cuts the volume of this noise by utilizing three key machine learning components: a High-Risk indicator, a Low-Risk indicator, and an Auto-Close function for low-risk exceptions. How do they work?
Dial Down the Low Risk ‘Noise’
When an exception satisfies the GRM Low-Risk Indicator, it’s very likely to represent a negligible risk, based on the way previous exceptions have been resolved. In fact, the indicator’s average accuracy checks in at between 95% and 99%. So, a low-risk exception can be dismissed, de-scoped, or ignored with confidence. The GRM Auto-Close function can then automatically close and archive each low-risk (low value/dollar amount) exception.
Focus on the Major Issues
When the exception satisfies the GRM High-Risk Indicator, it will likely contain increased risk of violation and a need for follow-up action, based on previous exception resolution practice. The high-risk indicator produces an alert that a specific exception should be prioritized for review. The finance team can then focus their analysis and maximize their risk remediation and removal strike rate.
The GRM and Your Data. An Evolving Relationship.
Oversight’s Global Risk Model isn’t ‘locked’ during implementation. It trains and refreshes itself, enabling increased functionality and effectiveness. The more data the GRM analyzes, the more accurately its machine learning components can identify high-risk exceptions for prioritized, deeper analysis. The more ‘real world’ data available, including anomalies, the better. And every Oversight customer can access a truly ‘global’ aspect of the GRM. They can opt to contribute to our anonymized, aggregated, and secure training data pool. (Only data necessary to train the GRM is collected; no data is ever shared, nor is its identity available, even to Oversight.) All customers in the pool benefit from the even greater learning and accuracy gained from analysis of millions of transactions.
Make Your AI Choice Truly Intelligent.
Nobody has done AI better, or for longer, than Oversight. So, when you make your artificial intelligence-powered solution choice, make it a truly intelligent one. Our GRM provides out-of-the-box positive impacts, ever-increasing accuracy and efficiency, and positive identification of financial risk. Right across your data, at scale and at pace. That’s why, with confidence, you can choose the model approach to smart A.I. The Global Risk Model from Oversight.
