Using AI and automation to enhance independent testing

• Jacob Rivkin, Principal, Consulting
• Jillian Arezzi, Consulting
• Katie Renz, Consulting
• Ryan Roxbury, Firm Innovation Leader

Webinar topics

• Organizations across industries are using AI to improve efficiency and enhance processes. In financial services, AI can improve a variety of processes, including AML monitoring, fraud detection, risk assessment, and regulatory reporting. It can also help internal auditors with tasks like data analysis, risk identification, and documentation review.
• Implementing AI requires thoughtful governance, including risk assessments, developing policies and procedures, training, oversight, validation, and independent testing. Ethics and transparency are key considerations.
• Independent testing of AI tools can help confirm that the tools function as intended and align with organizational values. Testing should assess strategy and purpose, governance, program oversight, risk assessments, validation requirements, and vendor management.
• At Crowe, we are developing AI tools for internal audit, including analyzing policies for regulatory compliance, which can increase efficiency and reduce human error. But there is always a human in the loop for quality control.
• Organizations are in early stages of AI adoption. Many have informal AI use or limited governance so far. As tools proliferate, governance will be crucial to ensuring ethical, effective AI deployment.