The operations team at a major global asset manager was tasked with manually reviewing the Annual and Semi-Annual report drafts produced by their fund administrator.
Hundreds of hours were spent reviewing multiple drafts.
The team had limited capacity and could not devote the proper time to perform all checks comprehensively.
Issues and resolutions were not recorded in a central, auditable register, allowing for errors to be made repeatedly.
OnCorps configured its platform to automatically ingest draft PDF reports from the administrator, as well as accounting source data from internal and external systems. Our intelligent PDF-reading tool parses unstructured data from report drafts, allowing the system to perform reconciliation, calculation, and style checks against source data (e.g., on-page calculations are accurate, holdings and values match accounting system). Identified issues are presented to the team for review and documented within the system, creating a full audit trail.
On its first deployment, the OnCorps system identified 480 errors in the first draft. Over the course of three drafts, our AI saved over 300 hours while performing a more comprehensive review.
"The OnCorps solution reviewed 50,000 data points in 2 hours, reducing the team's total review time to just 28 hours."
If you'd like to learn more about OnCorps' Financial & Regulatory Reporting Review solution, please complete our contact form or email us at firstname.lastname@example.org.