More than 75%

of CFOs and financial leaders believe digital transformation is critical for future success

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We listen so we can lead

Forget the buzzwords. To us, innovation isn’t a trend. And it’s not one-size-fits-all. That’s why we start by listening to our clients and finding out how they define success. Then we tailor our solutions and insights to tackle challenges head-on, achieving real results fast. That’s Status Go.

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“Innovation is about constantly challenging the status quo. That means being curious, understanding the market, listening to our clients’ business challenges, and looking ahead for opportunities and potential disrupters. We’re building solutions that make our clients more competitive, nimble and compliant. And we’re doing the same for our own business at Grant Thornton.”

Kevin Baril
National Managing Principal
Innovation
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Automation tackles transaction complexity with ease

Our tailored automation solutions make handling large amounts of data easy, secure and fast, yielding insights that spreadsheets cannot.

Recent changes to accounting rules for leased equipment and spaces impact virtually every business. Few companies of any size keep complete records of leased equipment — until 2018, there was no need to. Identifying, collecting and verifying lease information could take thousands of man-hours, even for smaller organizations. For multinationals the challenge is magnified.

Our teams met this challenge by matching client needs to the right innovative tools. Our automated solution ingests data from a client’s system, looks for recurring payments to the same vendor, and makes it easy to verify an accurate list of leasing transactions. With the information stored securely in the cloud, year-end accounting and financial reporting can proceed quickly and smoothly.

“In a global, decentralized organization, it’s hard to be confident that you have a complete and accurate inventory of leased equipment, space or vehicles. Our clients needed an answer.”

Joe Brown
National Managing Partner
Strategic Federal Tax Services
LinkedIn
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Innovative analytics fuel the highest-quality audits

Lumen doesn’t just offer a new look at your financial data - it arms you with vital information to drive your future decisions.

Lumen is an advanced analytics approach that drives superior independent audits. We use predictive modeling and whole-ledger analytics to bring our clients’ financial data into clear focus. By pairing these advanced analytics with automation and artificial intelligence, we transform the way we see their businesses, bringing significant value to the audit and enabling our clients to see a new level of data that may help them in their decision-making.

One example of how Lumen made a difference was by predicting revenue using weather data. An audit team in the energy sector used geographic visualization and regression analysis to predict individual retail location revenue using independent weather data. Not only did this work yield a higher-quality, more risk-based audit approach, it also provided significant operational insight to management. With this data, management was able to explore best practices and operating risks at nonconforming locations.

“We can now do analytics that we weren’t able to before, giving rise to the highest-quality audits we’ve ever seen.”

Brian Wolohan
National Partner
Audit Innovation & Strategy
LinkedIn
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Retooling data entry delivers robust, multiclient compliance solution

Our data integrity services lighten the compliance burden through automation, increasing accuracy and cutting costs.

Earlier this year, regulators increased the number of data points financial institutions must report under the Home Mortgage Disclosure Act (HMDA), making an already difficult data management job twice as cumbersome. Compliance is imperative for mortgage providers to demonstrate they are following fair, ethical lending practices.

We developed a quality assurance platform, with configurable workflow, to streamline data entry and validation. Unlike reviewing loan data manually in multiple spreadsheets and systems, our proprietary technology enables teams to collaborate seamlessly during validation activities.

Coupled with our process knowledge, we help institutions of any size more efficiently analyze loan application register data — cutting the standard review time of 20 minutes per loan to under 10. Plus, the offering comes with the flexibility of both “software as a service” and full-service deployment options, depending on what’s right for the client. It’s a scalable solution that produces a submission-ready file that clients can review and submit to their regulator with a lowered cost of compliance.

“Key to HMDA compliance is a disciplined data collection and scrubbing effort. Our process knowledge and supporting technology help institutions establish this rigor, mitigating risk and inefficiencies that cost them time and money.”

Nigel Smith
Principal and Financial Services Advisory leader
LinkedIn
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