Compliance management and adherence is one of the key objectives of professional services organizations. The compliance is with regards to the standards set by tax authorities like IRS in the US or HMRC in the UK for the tax industry and compliance with reporting standards set by IFRS or other regulatory bodies based on the industry, sector and jurisdiction, country and region.
The effort is primarily towards filling up various forms by the end customer as well as for data and document verification of these forms by professional services companies before submitting to regulatory bodies. Both these steps are done manually, thus the cases of errors being missed out are quite high, leading to delays and rework.
Validation-as-a-Service resolves both these issues by offering a compliance automation platform that works across the whole cycle by introducing AI in the process. The automated process has forms pre-filled based on historical data, thereby reducing end customers’ effort and money to fill up all the forms again. The AI-based validation engine also ensures auto-validation by a machine that keeps learning with every form that it validates, thereby taking the accuracy to as close as possible to 100%.
Automation: Automation in form pre-filling & document validation, conversion of physical document into validated artefacts and end-to-end automation across functions.
AI: It has learn-on-the-go model to continuously improve validation engine accuracy. The absence of manual intervention brings down the error probability to an ABSOLUTE ZERO.
ML: The continuously learning platform will ensure more efficient reporting & easier compliance with regulatory demands.
APIs: The cloud adoption model ensures cloud-based APIs & apps to support the service.
Hexaware is the right-sized IT partner for you. We have a tradition to maintain strong relationship with our existing customers. We fearlessly introduce automation in services and have deep industry experience in implementing these services for other clients.
Contact us for a hassle-free compliance process through our automation solution.
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