Poonawalla Fincorp adopts AI-driven audit and governance with ServiceNow

Poonawalla Fincorp, a non-banking financial company (NBFC) focused on consumer and MSME lending, is partnering with ServiceNow to implement artificial intelligence (AI)-powered solutions for audit and governance. This initiative aims to improve efficiency, automation, and compliance in its operations. 

By integrating ServiceNow’s AI-driven workflows, Poonawalla Fincorp seeks to strengthen its risk management framework and streamline internal audits. The use of generative AI will improve the accuracy and reliability of audit processes. This technology can analyse large datasets and generate content that aligns with existing patterns, supporting better governance mechanisms. 

The adoption of AI-based automation will enable automated audit report generation and risk assessments with improved speed and accuracy. It will also enhance anomaly detection and identify irregularities more efficiently. Additionally, AI-powered analytics will provide data-driven insights, allowing auditors to predict risks and take proactive governance measures, the company said. 

Speaking about the collaboration Arvind Kapil MD & CEO, Poonawalla Fincorp, said, “By leveraging ServiceNow’s Generative AI solutions, we will significantly improve the accuracy, speed, and depth of our audit processes. This will not only help in proactive risk identification but also ensure seamless compliance with evolving regulations.”