The AI in Business Podcast Where AI Can Reduce Risk and Cost in Audit Processes - with Nathaniel Bell of Wells Fargo
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May 16, 2025 Nathaniel Bell, Director of Data Management at Wells Fargo, discusses the transformative impact of AI on internal audit processes. He dives into how deterministic models enhance information gathering and identify risks early. The conversation highlights the shift from manual audits to continuous auditing, emphasizing the need for data quality and integration. Bell also explores the balance between automation and human oversight, stressing the importance of human storytelling in data interpretation for effective risk assessment.
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AI Speeds Audit Risk Detection
- Deterministic AI models accelerate information gathering and risk pattern identification in audit workflows.
- They help audit teams test controls and spot gaps faster and more efficiently.
Ensure Data Quality for Continuous Auditing
- Establish strong, accurate data connections across systems to enable continuous auditing.
- Without reliable, controlled data, proactive AI-driven audit processes can't function well.
Automate Info Gathering in Audits
- Automate the highly manual information gathering phase in auditing using AI to save time.
- Use AI to consolidate risk areas and audit types for more comprehensive risk management.