Grant Thornton has launched a new artificial intelligence solution, CompliAI, which the top 10 accounting firm’s compliance professionals can use to better help clients control and assess risks and address their most pressing business needs.
Grant Thornton developed CompliAI using Microsoft Azure OpenAI Service, allowing it to operate as a fully integrated web application that enhances and streamlines the compliance process for service delivery teams. The platform uses advanced AI capabilities, including GenAI assistants and a GPT model series.
Grant Thornton’s professionals can now conduct tasks for clients in minutes that would have traditionally taken days or weeks, the firm said in a media release on May 20.
According to the Chicago-based firm, CompliAI features a comprehensive suite of tools, including:
- Dashboards;
- Task management;
- In-app commenting;
- Notifications;
- Methodology document library; and
- Centralized file repository.
These tools enable engagement teams to collaborate more effectively, access critical information faster, and manage projects with greater efficiency, Grant Thornton said. It also automates key tasks, such as risk and control rationalization, question and procedure generation, and document request list creation.
“CompliAI is the beginning of Grant Thornton’s wider adoption of AI and next-generation solutions,” Jim Peko, CEO of Grant Thornton Advisors, said in a statement. “We are seamlessly integrating new technology into daily workflows and using it to make data-driven decisions while also building AI into a range of services that help clients gain a distinct competitive advantage.
“The result will be world-class service, further establishing us as the provider of choice for clients and professionals alike,” he added.
Brian Willson, vice president at Microsoft, said the launch of the new internal tool “is a testament to the relationship between Grant Thornton and Microsoft.”
“Grant Thornton’s commitment to using Microsoft Azure OpenAI Service is resulting in transformative solutions that increase efficiency, accuracy, and value for their clients. This collaboration underscores our shared vision of driving innovation and excellence in the industry,” he added.
Grant Thornton said the CompliAI rollout comes as it’s actively expanding its use of AI across the full range of functions at the firm—from audit and assurance services to tax and advisory offerings.
“This new tool helps our professionals focus more of their time on meaningful engagement with our clients and provides more rapid insights,” said Mike Kempe, chief information officer of Grant Thornton Advisors. “Our firm is laser focused on giving our people what they need to drive additional value.
“Grant Thornton seeks to seamlessly weave AI into key aspects of our quality-focused service delivery and daily workflows, with platforms like CompliAI serving as an early example,” Kempe added. “To realize this vision, we are implementing a phased AI maturity model, providing our client service professionals access to AI tools that work with them and enhance their ability to provide proactive insights.”
Jeanna Shapiro, chief people and culture officer of Grant Thornton Advisors, stressed that the firm’s professionals are at the core of Grant Thornton’s AI strategy.
“We are dedicated to equipping them with the right tools and training to excel in an AI-driven landscape,” she said. “By leveraging AI, we help our professionals concentrate on higher-value engagement, foster innovation, and deliver superior results for our clients.”
In addition to investments in Grant Thornton’s own AI infrastructure, the firm continues to invest further in supporting clients with their evaluation and implementation of technology and AI-enabled solutions through its advisory service line.
“The ever-evolving commercial and technology landscape means business leaders need to deploy technology which can unlock new opportunities to drive measurable value as well as make their businesses more resilient,” said Tom Puthiyamadam, Grant Thornton’s national managing principal for advisory services. “Our technology and AI advisory professionals are well-positioned to guide clients along that journey, now with the additional insights from Grant Thornton’s own evolution in AI.”
The recent investments in technology are driven by private equity funding Grant Thornton received last year by a group of outside investors led by New Mountain Capital and by its recently created multinational platform, which is expanding to include the U.S. plus Grant Thornton affiliates in Ireland, the Netherlands, the United Arab Emirates, Luxembourg, the Cayman Islands, and other territories.
- Related article: Grant Thornton Closes Deal With Private Equity Firm New Mountain Capital
- Related article: Grant Thornton’s U.S. and Ireland Entities to Create Global Platform
- Related article: Grant Thornton US Adds Three Sister Firms to Multinational Platform
- Related article: Grant Thornton US Adds Dutch Affiliate to Multinational Platform
“We are big believers in the power of people plus technology and are excited to empower Grant Thornton’s growth with additional investment in the latest technology and cutting-edge AI solutions for the benefit of clients, partners, and staff,” said Andre Moura, managing director at New Mountain Capital.
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