Grant Thornton, a provider of audit, tax, and advisory services based in the US, has introduced a tool aimed at enhancing the efficiency of its internal audit, compliance, and risk management professionals.
This innovative tool, known as Grant Thornton CompliAI, harnesses the power of generative artificial intelligence (AI) and has been developed using cutting-edge Microsoft technology, including the Microsoft Azure OpenAI Service.
Grant Thornton risk advisory partner Ethan Rojhani said: “The Grant Thornton CompliAI tool arrives at a time when businesses face numerous risks both inside and outside of their organisations.
“As a result, they need better ways to create risk and compliance management frameworks, and to design and implement the most relevant controls.”
According to Rojhani, the new tool revolutionises the process of developing complex risk and compliance systems for clients. By integrating Grant Thornton’s extensive global controls library with advanced generative AI models and features such as AI analysis, ranking, and natural language processing capabilities, professionals can now streamline control design and assessment tasks within minutes.
Tasks that traditionally consumed days or even weeks can now be completed swiftly and accurately, providing clients with operational insights in record time and at reduced costs.
Rojhani underscores the crucial role played by Microsoft’s technology in the Grant Thornton CompliAI tool, emphasising the firm’s commitment to leveraging the full potential of generative AI models to drive efficiency, accuracy, and value across various industries.
Grant Thornton CompliAI offers a range of capabilities tailored to individual language preferences and specific needs within the compliance and risk management process. These include control gap assessment, control rationalisation, narrative preparation, control definition, enhancement for targeted attributes or risks, test step preparation, identification of evidence, and walkthrough preparation.
By catering to diverse language preferences and providing comprehensive solutions for risk management and compliance, Grant Thornton CompliAI sets a new standard for efficiency and effectiveness in the industry.