Back to Blog
Auditing is a quintessential part of the banking industry as a whole, and one of the facets within accounting I am passionate about. In this, auditing is a rather large undertaking for those who wish to pursue this, as it was quite intensive and time consuming. The article linked below describes how the area of internal auditing can be made a bit simpler with artificial intelligence (AI). It comes as no surprise, as many industries today are being supplemented and enhanced with advanced versions of AI. Internal auditing, as a result, would be made simpler in terms of time efficiency and accuracy with this AI. However, oversight is still necessary, of course, but the extent of oversight would be more limited, as the AI could more effectively find anomalies. The problems I see are more so in the AI algorithms, which still could be more easily resolved.
AI-driven tools for Internal Audit in the Banking Sector (esoutlook.com)
Back to Blog
Credit Analysis. It's a career field that is simple to understand, yet hard to master. Put simply, credit analysis is an assessment of the likelihood of debt repayment for loans, mortgages, etc. It's a career field that I have been working in for the past year, and have enjoyed quite heavily. However, as with many different areas, COVID-19 has presented new obstacles for the field of credit analysis. One challenge that has arisen due to COVID are the Paycheck Protection Program (PPP) loans, which were loans put in place in April 2020 to help small businesses and farms. One burning question is this: how do we account for these loans? The article link below shows exactly that; how to conclusively account for PPP loans. It's a great article for beginners and veterans of the field alike.
PPP Loans and the Impact on Credit Analysis - FINPACK (umn.edu)