Citi transforms audit with AI and data

Citi, one of the world’s largest financial institutions, wanted to revolutionize how its 2,500 auditors conduct documentation reviews and risk assessments. Despite operating at scale, their internal audit function relied on manual processes that limited the team’s efficiency and insight. The head of innovation for internal audit identified an opportunity to build an audit of the future using AI, natural language processing (NLP) and advanced analytics. The goal was to turn vast data into predictive insights, enhance control testing and improve anomaly detection, all while addressing stringent regulatory requirements and maintaining transparency with global stakeholders.

Citi’s collaboration with IBM has significantly enhanced their audit processes. The new AI platform automates document analysis, flags anomalies and provides auditors with data-backed insights, reducing manual workloads and improving audit quality. The first few use cases that include AI-based control scoring and NLP-powered document analysis have saved hundreds of thousands of hours and created new opportunities for innovation. Citi now operates a dedicated AI innovation space developed in partnership with IBM to foster the ongoing advancements in automation, data integrity and regulatory compliance management. This transformation positions Citi’s internal audit function as a leading industry model for intelligent risk management.

Citiis a leading bank with operations in more than 160 countries and jurisdictions, and close to 200 million customer accounts. They offer consumers, corporations, governments and institutions a broad range of financial products and services such as consumer banking, credit and investment solutions.