EXL Regulatory Reporting Assist AI

Overview

• Organizations face challenges due to the absence of a unified platform to monitor the progress of the statutory reporting close cycle. This lack of centralized oversight often results in delays and fragmented workflows.
• During peak close periods, financial teams spend excessive time on validations and reviews of financial statements, which slows down the overall process and impacts timely completion.
• Manual review processes increase the risk of missed or incorrect validations, exposing organizations to compliance risks and potential inaccuracies in financial reporting.
• Many companies are experiencing a shrinking pool of experienced professionals with expertise in statutory reporting, leading to knowledge gaps and operational challenges.
• The close cycle requires significant manual effort to generate critical financial insights such as flux analysis, addressing controller and CFO queries, and ensuring regulatory compliance, all within strict deadlines.
• There is a growing need for generative AI-powered solutions that provide deeper, faster, and more interactive financial analytics, enabling reporting teams to quickly identify trends, patterns, and anomalies in their data.

Key Features & Functionality

• Validations Module
  • Automation of manual checks and review of Financial Statements. Employs machine learning to create historical records of resolution steps for each validation
  • Next best action based on historical validations
• Business Insights Module
  • Generate anomalies in trends and patterns for key financial ratios, capital adequacy and underwriting performance
• Flux Analysis Module
  • Provide rationale for variation in QoQ and YoY figures for significant movements
• Conversational BI (Gen AI Assist)
  • On demand and ready to use responses for Controllers and Regulator’s queries
• Schedule and Performance Metrics Module
  • Statutory Reporting schedule with automated roll-forward and KPIs capability
• Controller’s Review Module
  • Controller and Analyst submits review and response comments

Benefits & Business Impact

• Our solution leverages Large Language Models (LLMs) and generative AI, built on a cloud-native architecture with a unified workflow, to effectively address fundamental challenges in statutory reporting.
• Significant improvement in average handling time (AHT) for controller and regulator queries, enabling faster and more efficient responses.
• Enhanced accuracy that reduces errors, helping ensure compliant and reliable financial reporting.
• Streamlined review processes that substantially reduce timelines, accelerating the overall close cycle.