Cognitive Technology In Compliance Audit Services
Firms offering compliance audit services have started using cognitive technologies for risk management procedures over the course of a compliance audit. Cognitive technologies are products of artificial intelligence that include computer vision, machine learning, natural language processing, speech recognition, and robotics. This technology enables auditors as well as organizations to detect, predict and prevent risks in high-risk situations.
THE BUSINESS RESEARCH COMPANY VALUED THE COMPLIANCE AUDIT SERVICES MARKET AT $10 BILLION IN 2017
North America was the largest geographic region in the market, accounting for a little less than two-fifth of the global market share.
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According to The Business Research Company’s Consultants, Nitin Gianchandani, automation of audit and compliance market has increase due to the digitization of the industry. Now, there is a modern and efficient environment with digitized operations that can handle customs clearance system and exchange information through one window efficiently.
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PwC was the largest player in the compliance audit services market, with revenues of $37.7 billion for the financial year 2017. PwC aims at three types of growth strategy: Core, Expansion and Disruption. In Core, the company look for mergers, acquisitions and alliances. In Expansion, the company expands to adjacencies. In Disruption, the company looks for ways to disrupt the markets that leverages their capabilities.
The compliance audit services market includes companies which are required to conduct specific audit engagements other than the statutory audit to comply with the requirements of particular laws and regulations.
Compliance Audit Services Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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