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AI & Compliance | Featuring Mike Vaishnav

Watch this video interview to learn more with:

Mike Vaishnav
CFO & Strategic Advisor

Moderated by:
Niyati Chhaya
Co-founder at Hyperbots

Don’t want to watch a video? Read the interview transcript below.

Niyati Chhaya: Hi everyone, good morning, good evening, and good afternoon. This is Niyati Chhaya. I am a co-founder and I lead AI at Hyperbots. I am thrilled to have Mike with us today. Mike Vaishnav is a CFO, Consultant, and Strategic Advisor to many privately owned organizations. We’re going to pick his brains on AI and compliance. But before that, Mike, why don’t you introduce yourself?

Mike Vaishnav: Thank you, Niyati, it’s a pleasure to be here. I’ve been working in Silicon Valley for about close to 30 years in diverse industries. I’ve had the opportunity to touch each and every aspect of finance, from the controllership role to FP&A, treasury, tax, investor relations, and more. In my last two roles, I also managed operations departments like HR, IT, facilities, legal, and procurement. So, I bring a broad range of experience in finance and operations.

Niyati Chhaya: Wow, I think you are the right person to talk about finance, compliance, and how AI will help in compliance. How do you think AI will assist in compliance?

Mike Vaishnav: AI can significantly enhance compliance. With the right algorithms, AI can flag issues related to government and regulatory requirements. By identifying violations early, companies can address problems before they escalate. AI helps ensure that businesses are operating within the bounds of policies and regulations.

Niyati Chhaya: Got it, and I assume AI can help with fraud detection as well?

Mike Vaishnav: Absolutely, fraud detection is a critical area where AI can be very effective. By monitoring data and raising flags at appropriate levels, AI can help mitigate fraud and ensure compliance with regulatory requirements.

Niyati Chhaya: Do you think AI can play a role in the audit process?

Mike Vaishnav: Definitely. AI can analyze vast amounts of data and identify specific patterns and exceptions. For example, AI can track journal entry approvals, identifying who processed and approved entries. This can streamline the audit process, allowing auditors to focus on more value-added functions rather than spending time on sample tests and data checks.

Niyati Chhaya: Do you think AI can ensure the accuracy of financial reporting?

Mike Vaishnav: Yes, AI can enhance the accuracy of financial reporting. While ERP systems are robust, there are instances where information might be missed. AI can identify these gaps early by using predefined rules and algorithms. For example, when generating financial statements, AI can ensure that all relevant chart accounts are included, reducing the risk of errors. Additionally, AI can assist in compiling and analyzing data for SEC filings, providing insights that ERP systems might not offer.

Niyati Chhaya: Thanks for those insights. My takeaway here is that building reliable AI systems can greatly benefit compliance processes.

Mike Vaishnav: Absolutely. Compliance is crucial for all finance professionals. With AI ensuring compliance, finance teams can rest easy, knowing that they have a reliable system monitoring their processes. AI provides detailed analytics, helping to maintain and improve compliance.

Niyati Chhaya: Got it. Thank you so much, Mike, for sharing your expertise and insights on AI and compliance.

Mike Vaishnav: My pleasure.

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