Operations Intelligence - Reporting

Apply AI to scan and reconcile prepared regulatory reports for errors

Our AI completed 106 thousand checks and reconciliations in under 40 minutes

Our system can be configured to check nearly any calculation, value, term, and format required in a financial or regulatory statement. The check types include: style checks, reconciliations to source systems, calculation checks, and foot note checks.

Reduced labor 92% and eliminated need for a third draft

Audit firm found 0 errors in our AI scanned statements

The core platform can be configured to run checks specific to each report. It is configured to know which sections to check, what specific algorithms to apply, and whether to cross-validate the data with other sources either in the report or in other data sources.

Once our system was fully operational, we rapidly reduced the normal three-phase check to two. In its first run, our AI scanned and thoroughly checked a complex financial report in minutes. This task had previously taken our client over 1,000 hours to review. Our client's auditor carefully cross-validated the report and found zero errors.

Case study

Reviewing financial & regulatory reports with AI algorithms

The Request

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.

The Solution

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.

the results

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.

reduction in review hours
errors identified in report from the fund administrator
PDF pages processed in the system
data points reviewed across the document
"The OnCorps solution reviewed 50,000 data points in 2 hours, reducing the team's total review time to just 28 hours."

Learn more

If you'd like to learn more about OnCorps' Financial & Regulatory Reporting Review solution, please complete our contact form or email us at inquiries@oncorps.io.

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