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2024 | Buch

Kapitel lesen Erstes Kapitel lesen

Applications of GPT in Finance, Compliance, and Audit

Benefits, Challenges, Practical Examples

verfasst von: Alexander Hüsch, Dirk Distelrath, Tanja Hüsch

Verlag: Springer Fachmedien Wiesbaden

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Technik" , Springer Professional "Wirtschaft"

Inhaltsverzeichnis
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SUCHEN

Über dieses Buch

This book, authored by three experts with the assistance of GPT, provides comprehensive insights into the applications of generative AI, such as GPT, in the financial sector of businesses. It offers background information, benefits, as well as the challenges and risks associated with implementation. In addition to general applications within companies, specific use cases are also presented, focusing on areas such as controlling, business intelligence, accounting, investor relations, internal audit and control systems, risk management, auditing, and data privacy. The book concludes with a discussion on strategies for utilizing GPT effectively.

Inhaltsverzeichnis

Frontmatter
Chapter 1. Background GPT
Abstract
The significance of Artificial Intelligence (AI), Natural Language Processing (NLP), and particularly ChatGPT for the financial industry has grown enormously in recent years and offers a wide range of applications for process optimization. This book examines the various areas of application of ChatGPT in finance departments as well as the advantages and challenges of implementing this technology.
Alexander Hüsch, Dirk Distelrath, Tanja Hüsch
Chapter 2. Advantages of GPT
Abstract
The introduction of ChatGPT in finance departments can bring significant benefits by increasing efficiency and reducing the workload for routine tasks. By automating such tasks, employees can focus their time on higher-value, strategic activities. The AI-assisted processing of financial data also helps to increase the accuracy and consistency of analyses, which in turn enables informed decision-making.
Alexander Hüsch, Dirk Distelrath, Tanja Hüsch
Chapter 3. Challenges and Risks in Implementation
Abstract
The implementation of AI systems like ChatGPT in a company’s financial sector comes with some challenges and risks. One of the main tasks is to manage the adaptation to organizational changes and processes. This includes change management to convince both executives and employees of the necessity and benefits of using AI. Clear guidelines and standards for AI use should be developed to guide the implementation and operation of AI systems.
Alexander Hüsch, Dirk Distelrath, Tanja Hüsch
Chapter 4. General Application Possibilities in the Company
Abstract
This chapter discusses the diverse applications of ChatGPT in businesses and demonstrates how this technology can contribute to efficiency enhancement and innovation. Various aspects are addressed, such as the automation of routine tasks, the improvement of internal communication and collaboration, knowledge management, data analysis and decision-making, integration into existing IT infrastructures, the adaptation and personalization of ChatGPT systems, as well as data protection and security aspects.
Alexander Hüsch, Dirk Distelrath, Tanja Hüsch
Chapter 5. Controlling/Business Intelligence
Abstract
GPT in the finance, compliance, and audit industry offers numerous advantages and opportunities for use in controlling, forecasting and planning, as well as in the analysis of customer and market data.
Alexander Hüsch, Dirk Distelrath, Tanja Hüsch
Chapter 6. Accounting
Abstract
Accounting encompasses the entirety of methods and processes for recording, processing, and presenting a company’s financial information. It can be divided into Financial Accounting and Management Accounting. Compliance with accounting standards, ethical aspects and responsibilities, as well as internal controls and risk management are essential in accounting. Future trends and challenges include advancing digitization and increased global harmonization of accounting standards.
Alexander Hüsch, Dirk Distelrath, Tanja Hüsch
Chapter 7. Investor Relationship
Abstract
This chapter explains the importance of Investor Relations (IR), which includes activities such as communication and information provision for investors and the financial community. The main objectives are building trust, appropriate company valuation, and open dialogue with investors. Institutional investors, analysts, and small investors are the main stakeholders. Transparency, regular communication, and best-practice approaches are important for effective IR activities. Digital technologies and social media have changed IR practices by enabling the dissemination of information, reaching a wider audience, and interaction through online platforms.
Alexander Hüsch, Dirk Distelrath, Tanja Hüsch
Chapter 8. Strategy
Abstract
The strategy department of a company is a central interface for the development, coordination, and implementation of strategies. It is responsible for setting strategic goals and developing measures to achieve these goals. The main tasks of the strategy department include the development and implementation of strategies, collaboration with management and specialist departments, evaluation of the market and competitive situation, as well as monitoring and analysis of strategy implementation.
Alexander Hüsch, Dirk Distelrath, Tanja Hüsch
Chapter 9. Internal Audit and Internal Control System
Abstract
This chapter discusses the application of ChatGPT in internal auditing and the Internal Control System (ICS). Internal auditing serves as an independent and objective examination and consulting unit to assist a company’s management in achieving its goals. The ICS is a central element of risk management, which helps to minimize a company’s risks.
Alexander Hüsch, Dirk Distelrath, Tanja Hüsch
Chapter 10. Risk Management
Abstract
Risk management is an essential part of corporate governance, which deals with the systematic identification, evaluation, and treatment of risks. The focus is on minimizing damage, improving decision-making, and increasing resilience to risks. The management, controlling, accounting, auditing, compliance, and legal departments are responsible for implementing the risk management process.
Alexander Hüsch, Dirk Distelrath, Tanja Hüsch
Chapter 11. Auditing
Abstract
This chapter examines the role of auditing and the potential applications of Generative Pre-trained Transformer (GPT) in the fields of finance, compliance, and auditing. The advantages, challenges, and practical examples of using GPT in these areas are explained.
Alexander Hüsch, Dirk Distelrath, Tanja Hüsch
Chapter 12. Data Protection
Abstract
Data protection is an important aspect in the context of data governance and includes all measures to protect individuals from the misuse of their personal data. Companies must exercise particular care in ensuring data protection and information security with the introduction of data protection regulations such as the General Data Protection Regulation (GDPR).
Alexander Hüsch, Dirk Distelrath, Tanja Hüsch
Chapter 13. Joint Outlook
Abstract
The introduction and implementation of ChatGPT in finance departments offer significant advantages, as detailed in the previous chapters. Given the rapid development of Artificial Intelligence (AI) and the increasing importance of ChatGPT, it is crucial to understand and address both the opportunities and challenges of the technology. The words “Your job will not be taken away by AI – it will be taken away by somebody using AI” illustrate that it is ultimately the handling of AI that makes the difference.
Alexander Hüsch, Dirk Distelrath, Tanja Hüsch
Chapter 14. Annex
Abstract
Available AI Tools by Topics
Alexander Hüsch, Dirk Distelrath, Tanja Hüsch
Metadaten
Titel
Applications of GPT in Finance, Compliance, and Audit
verfasst von
Alexander Hüsch
Dirk Distelrath
Tanja Hüsch
Copyright-Jahr
2024
Electronic ISBN
978-3-658-45282-7
Print ISBN
978-3-658-45281-0
DOI
https://doi.org/10.1007/978-3-658-45282-7

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