Exploiting digital opportunities, staying in control
Digital transformation offers organisations new opportunities to optimise, do business and innovate. Technology such as Artificial Intelligence is becoming increasingly accessible, allowing you to accelerate the achievement of your business goals. At the same time, requirements relating to social responsibility are increasing and you want to maintain the trust of your stakeholders. We will help you to harness the potential of digital technology and use digital tools such as the Continuous Monitoring Platform to stay in maximum control – whether for your annual audit or other data-driven business processes.
What opportunities do you see for AI?
Using Artificial Intelligence (AI), organisations can process large amounts of data without human intervention to increase efficiency, improve products and services and create new ones. In particular, Generative AI applications, which create new content, for example, are now taking off. What opportunities do you see for AI to optimise your organisation or even transform your business model? And using Responsible AI, how do you ensure responsible application that maintains the trust of your stakeholders?
Complying with European AI legislation
In 2024 (according to expectations), the AI Act will come into force in the European Union. By means of this artificial intelligence law, the European Union is aiming to create an innovative, digital European market, in which AI is safe, transparent, traceable and ethical. The AI Act will impose requirements according to the risk of an AI application. What requirements does your organisation need to meet?
‘We are closely monitoring the development of the European AI Act and supporting clients in being compliant in a timely manner.’
Here's how PwC can support you in the responsible application of AI
- Setting goals based on your business questions that AI technology can help accelerate.
- Creating a mature organisation surrounding AI innovations, from strategy and policy to frameworks for use and employee training.
- Advising on data privacy and security, compliance and monitoring of systems.
- Helping answer legal and ethical questions – what are you permitted to do with data and what do you want to do with data?
- Getting your systems and methods in place in time for the AI Act.
Better controls and processes at lower cost
Legislation is imposing an increasing number of requirements on organisations, both for the audit of financial statements and in other areas. Digital technology can provide a solution, but often leads to new compliance issues – due to a succession of implementations, such as following mergers or acquisitions, for instance. How do you ensure that you are in maximum control of your risks, have proper accountability and optimise your processes?
Continuous Monitoring Platform
We will help you to make your controls and the internal management of your business processes more efficient. We do so by intelligently automating your internal management. One versatile tool, developed in-house by PwC, which we often use for this purpose is the Continuous Monitoring Platform (CMP). The CMP automatically and continuously monitors all selected transactions, master data or processes. On your organisation-specific dashboard, you will immediately see any deviations, allowing you to be in control as much as possible. Your data is optimally secure when using the CMP – independent auditor BDO has issued an ISAE 3402 type II statement for this purpose.
‘We can implement the CMP within just a few days. Interested in a demo? Get in touch with me.’
Here's how PwC can support you with the CMP
The CMP is suitable for any data source and monitoring purpose:
- Financial statements audit
- Monitoring of payroll or ERP systems
- Monitoring of bank transactions
- Horizontal monitoring by the tax authorities
- IT, SOX and GDPR controls, etc.
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