Home SEC Planned to Apply RPA for Fraud Prevention

SEC Planned to Apply RPA for Fraud Prevention

by sol-admin

The U.S. Securities and Exchange Commission (SEC) is a large independent agency of the United States federal government that was created following the stock market crash in the 1920s to protect investors and the national banking system. Learn how SEC is going to leverage RPA to investigate false accounting information next year.

The SEC staff normally require more than 500 hours of reading to investigate irregularities in financial statements and auditor’s reports of more than 700 listed companies. RPA will start by downloading financial statements of a listed company and open the auditor’s report to collect auditor’s opinions and alert the SEC when it detects any irregularities, enabling the commission to accurately and timely identify potentially unusual financial activities. In addition to RPA, AI and big data analytics will be also adopted.

Planned Benefits
Compared with over 500 hours of human work, RPA shortens the work hours by 87.5% by taking only 64 hours a year to accomplish the task, although it will initially need some time to learn the keywords in the auditors’ reports. Instead of spending time reading such reports all by themselves, the staff can just skip the step and instantly conduct an in-depth investigation to look into the irregularities detected by RPA.

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