Poonawalla Fincorp uses AI to improve audits

Poonawalla Fincorp Uses AI for Better Audits

In a big step for the Indian financial business, Poonawalla Fincorp, a well-known NBFC, is using the power of Artificial Intelligence (AI) to make its audits much better. This is happening at a time when the global market for AI in auditing is expected to become a huge

$11.7 billion market

by 2033, growing at a fast pace of 27.9% every year.

Why is AI Important for Audits?

The use of AI, specifically generative AI, is changing how audits are done. Generative AI isn't just about looking at old data; it can create new information that helps auditors find problems. It can spot unusual things (anomalies) that might be missed by humans, helping to focus on the most important risks.

How Poonawalla Fincorp is Using AI

Poonawalla Fincorp is partnering with ServiceNow, a leading AI platform, to bring this technology to their company. By using ServiceNow's AI tools, they hope to:

* Make audits faster and more efficient
* Automatically create audit reports
* Find unusual activity that could signal problems
* Better predict future risks

This will help Poonawalla Fincorp manage risk better and make sure they follow all the rules. It will also help them build more trust with their customers and the government.

The Benefits of AI-Powered Audits

The adoption of AI in auditing offers many advantages:

*

Speed and Accuracy:

AI can analyze huge amounts of data very quickly and accurately, giving auditors more time to focus on complex issues.
*

Proactive Risk Management:

AI's predictive capabilities help identify potential risks before they become major problems, enabling timely intervention.
*

Improved Compliance:

By automating compliance checks, AI minimizes the risk of errors and ensures adherence to regulations.
*

Enhanced Trust:

The use of AI in auditing builds trust among clients and regulatory bodies by demonstrating a commitment to robust risk management.

A Broader Tech Strategy

Poonawalla Fincorp's move to use AI in audits is part of a larger plan to use technology more. They have already used AI in other areas of their business, like human resources, to make things better. This shows how Indian companies are adopting new technologies to improve efficiency and reduce costs.

What the Leaders Say

Arvind Kapil, the head of Poonawalla Fincorp, says using ServiceNow's AI will help them do audits better, faster, and more thoroughly. This will help them find problems early and follow the rules. Ganesh Lakshminarayanan from ServiceNow is also excited about the partnership, saying that Poonawalla Fincorp is setting a great example for other businesses in India.

Latest News and Business Updates:

This is breaking news in the Indian business world, showing how technology and finance are joining together. This is a positive sign for the Indian economy and the future of finance.

Conclusion

Poonawalla Fincorp's adoption of AI in its audit process is a significant development in the Indian business landscape. This initiative showcases the potential of AI to revolutionize auditing practices, enhancing efficiency, accuracy, and risk management capabilities. This is a step towards creating a more modern and sophisticated financial ecosystem in India.

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