QuantaVerse Debuts ‘CAE Checkup’ to Help Corporations and Financial Institutions Evaluate the Effectiveness of an Artificial Intelligence Approach to Internal Risk Audits

“Our CAE Checkup is a fast and easy method for audit leaders to evaluate the effectiveness of an AI-powered audit in improving the detection of entities or transactions that present unacceptable risk,” explained David McLaughlin, CEO and Founder of QuantaVerse.

QuantaVerse, the first in the market with AI solutions purpose-built for identifying financial crimes, today announced a new service that corporations and financial institutions can utilize to experience the effectiveness of an AI-based approach to audit investigations. The CAE (Chief Audit Executive) Checkup service leverages the QuantaVerse AI Financial Crime Platform to analyze enterprise data and more efficiently and effectively identify insider threats, bribery, corruption, money laundering, fraud, terrorism financing and third-party risks that traditional internal audit investigations routinely miss.

For corporations and financial institutions, financial crime is a complex, ever-evolving issue that has serious operational, financial, legal, regulatory and reputational risk implications. While governments and law enforcement agencies around the globe are stepping up efforts to combat financial crime, it falls to internal audit teams to help improve and protect their organizations.

Given the technology historically available to them, Chief Audit Executives (CAEs) and internal audit teams had to limit their investigations to representative samples of data and conduct a manual search for abnormalities or anomalous activity within that data. These representative samples require the development of a time-consuming sampling methodology, which coupled with smaller data sets, can lead to unnecessary risks and potentially missed financial crimes.

QuantaVerse is capable of ingesting and examining data from a variety of sources including core accounting, core banking, travel and expense reporting, vendor servicing, trade/export, and other types of enterprise systems. Through its AI analysis, QuantaVerse identifies anomalous data patterns related to both known and not yet identified financial crime typologies.

The CAE Checkup lets organizations see first-hand how AI analysis can improve their audit processes and outcomes. It includes client-specific audit working papers and…

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