Using AI to detect companies at risk of financial collapse
A company owned by a New Zealand fin-tech entrepreneur is using AI to detect signs of accounting manipulation, and identify when a business is at risk of financial collapse. Transparently.ai works as a forensic accountant, using different A.I models to comb through company accounts and look for signs of manipulation. It recently ran a worldwide study of publicly listed companies and ranked countries by rates of accounting manipulation. It found New Zealand had the eighth least manipulation, ahead of the US, Australia and the United Kingdom. However Transparently.ai identified 16 New Zealand companies at risk of financial collapse. Hamish Macalister is the chief executive of Transparently.ai, which is based in Singapore.