Addressing a critical gap in financial risk management
Organizations worldwide lose an estimated 5% of their revenue to fraud annually, resulting in staggering losses of $4.7 trillion, according to the Association of Certified Fraud Examiners. Traditional compliance and audit processes often struggle to identify these risks, leaving companies vulnerable to schemes that can cost millions. This is where Datricks Financial Integrity Platform comes in.
Datricks specializes in “risk mining,” an AI-powered approach that autonomously analyzes financial workflows across business systems like SAP, Oracle, and Salesforce. By providing continuous, real-time monitoring of an organization’s financial data, Datricks ensures greater accuracy and fewer false positives in detecting financial anomalies, fraud patterns, and compliance issues.
“For CFOs, trusting the numbers is critical. One major challenge is fraud, especially internal fraud, which can distort financial data,” said Roy Rozenblum, CTO of Datricks. “There are three main issues: fraud, compliance problems, and human errors. These can lead to significant financial losses for enterprises.”
A mix of models under the hood
Datricks leverages multiple large language models (LLMs) and multimodal AI models to power its tools. One of these models is the process flow, known as process mining, which tracks financial processes and detects anomalies. Additionally, Datricks uses Amazon Bedrock, an AI model marketplace, to incorporate different proprietary LLMs preferred by their customers.
Saving large enterprises multi-millions by avoiding fraud, detecting double billing, and other errors
Datricks’ AI-powered platform has already helped its customers prevent financial mishaps. For example, the platform uncovered “$2 million of payments being done in a non-compliant way because the same person was both putting the invoice and approving the payment,” according to Rozenblum. The platform’s real-time monitoring and automated detection processes enable companies to quickly identify issues and take corrective action, preventing costly mistakes that can impact financial results.
By analyzing an organization’s entire ERP system in real-time, Datricks reduces reliance on traditional manual audits, which only sample a fraction of a company’s financial activities. This comprehensive approach ensures that potential risks are identified and addressed promptly.
A growing client base and high-profile backers
Datricks’ solutions have already been adopted by large enterprises such as Element Solutions, HELLA FORVIA, Teva, CyberArk, and ICL Group. The company also has partnerships with major consulting firms like Deloitte, EY, KPMG, and PwC. The recent Series A funding round, led by venture capital firm Team8 and with participation from SAP and Jerusalem Venture Partners (JVP), further validates the value of Datricks’ platform in the enterprise software space.
Dr. Gero Decker, General Manager at SAP, praised Datricks’ comprehensive solution, stating that it enables proactive risk mitigation and continuous financial compliance to accelerate business process transformation.
The promising future of Datricks’ risk mining
With the support of Team8, SAP, and JVP, Datricks is well-positioned to lead the charge in reshaping how large organizations manage financial risk. Gadi Porat, General Partner at JVP, highlighted Datricks’ potential and its ability to provide exceptional efficiency for Fortune 500 clients. As digital transformation accelerates and the volume of financial data grows, Datricks aims to provide enterprises with the tools they need to stay ahead of potential risks, ensuring financial integrity and compliance in a fast-changing business landscape.