Explore audit innovation with Deloitte AI Robot #5
Differentiate for greater value
Innovation has no end. Today, we continue the "Differentiate" session from our last issue, sharing how audit innovation adapts to the times and delivers distinctive value for businesses while driving digital transformation. We know that many businesses are striving to continuously enhance their information-based and digital operations and improve their process and risk management. As a result, they increasingly expect third-party auditors to create better and greater value beyond traditional audits of financial statements. Collin, I believe you have a lot of hands-on experience of this, would you mind sharing more with us?
Sure! At Deloitte, we use our keen insights on market trends and expertise in industry development to offer advice for businesses to enable planning and development of digital finance and operations. We also leverage innovative technologies to help them address risks, capture business opportunities, and improve overall business management.
In response to market and client needs, we have integrated leading-edge technologies, such as big data analytics and AI, and developed a series of innovative digital assets that offer proven approaches, standard processes and professional insights. We aim to combine traditional audit with innovative concepts and deliver multi-dimensional audit value for clients.
Driven by the core of audit and the value derived from it, Deloitte uses advanced methodologies and technologies to support experience-based observations and perceptions to advice on the development of digital finance and operations for businesses. We have built an audit value chain that helps businesses enhance risk management, improve business processes, and guide business development strategies.
Deloitte Audit Innovation Tools Showroom
A commitment to delivering greater audit value
Now, let me take you back to the Deloitte Audit Innovation Tools Showroom to learn about Deloitte Scribe, Beyond Audit, Finance Operations Maturity Assessment System (FOMAS), and the Deloitte Business & Finance Integration Big Data Analytics Platform launched at 2019's 2nd China International Import Expo.
Today, I'm honored to have our expert in banking sector audit, Deloitte China Audit & Assurance Partner Charlotte Shen, to introduce our banking data analysis platform-DeLight.
DeLight is an interactive data analytics platform developed by Deloitte for banking businesses. It provides users with:
- Comprehensive business analysis, including macro-economic development, peer comparison, business development, and in-depth analysis of regions and products.
- In-depth risk insights, deep dives into risk attributes and areas based on professional experience, past special audits and data analysis.
- Interactive presentation of results, elaborating on key findings from data analysis with animation, screening, drilling and other interactive features.
- Flexible, tailor-made services. When deployed in a bank system, the platform can be connected to different data sources, keep data secure, and ensure client's access to analysis results.
DeLight has seven modules for corporate credit business and four for retail credit business. In retail credit business, DeLight has conducted comprehensive research on credit cards, consumer finance, personal residential mortgages, and loans for micro and small businesses.
Risk control manager at a large Chinese joint-stock commercial bank:
"We started applying Deloitte's banking data analytics platform in our annual audits in 2018. The platform is able to smoothly connect with our systems, process and analyze tens of millions of entries on corporate and retail credit records, and dive into and present the main transaction activities and potential risks in credit business from multiple dimensions. Its ability to process data in real time and mine risks is very impressive."
We always work hand-in-hand with our clients, understand their issues and serve their needs. We constantly reflect on our commitment to audit and reinforce our focus on services. Deloitte strives to build credibility in corporate financial statements while creating more possibilities for clients to derive value from audit.
Thank you, Collin! In the next issue, we will continue with our "Differentiate" session and take you on a third trip to the Deloitte Audit Innovation Tools Showroom to explore efficiency improvement.