As companies begin to integrate AI into their daily tasks and requirements, regulatory bodies are slowly catching up to this emerging technology. AI is no longer the Wild West – businesses must ensure that they are cautious about their data and any applicable regulations.
For instance, organisations operating in the European Union must comply with the EU AI Act, which is set to go into effect intermittently over the next few years. A significant aspect of the EU AI Act is its emphasis on transparency and documentation. Although most finance AI applications are not classified as high-risk, the Act introduces new compliance requirements, particularly for systems involved in payments and fraud detection.
Meeting the Moment
As companies seek out solutions that meet their AI needs for today as well as their regulatory needs for tomorrow, many businesses are turning to Kyriba and its Trusted AI portfolio. These solutions are strategically designed to prioritize security, privacy and compliance – including helping companies to navigate with the intricate requirements of the European Union’s AI Act.
Kyriba’s offerings are developed to be “plugged into the new legislation” and prepared for compliance from day one, helping companies ensure transparency even with low-risk AI solutions.
Ensuring Data Quality and Security
Data quality and governance represent another major focus of the EU AI Act. To comply, businesses must implement robust data management procedures, design and development controls, and risk management processes, ensuring datasets are relevant, representative, error-free, and complete to minimize biases.
Kyriba’s Trusted AI portfolio is built upon a robust data infrastructure which supports essential AI foundation skills. Critically, Kyriba ensures that customer data is never used to train AI models, enhancing security and maintaining the integrity and privacy of sensitive financial information.
Kyriba also provides built-in validation tools and comprehensive validation frameworks, which are crucial for the continuous monitoring of data quality throughout the AI system’s lifecycle and for ensuring outputs align with regulatory requirements and business logic.
Beyond technical compliance, the EU AI Act also highlights the importance of AI literacy within finance teams. Kyriba’s Trusted AI actively bridges the “skills gap” in AI adoption by enabling organizations to develop three critical AI foundation capabilities: AI Communication & Interaction, Data Storytelling, and AI Output Validation.
Through comprehensive training and certification programs, as well as the right, secure technology partners, companies can foster a culture of trust through a structured AI foundation and continuous learning. This focus on human expertise ensures that finance and treasury teams can better understand, guide, and validate AI tools, unlocking potential use cases and bolstering decision-making responsibly.
This comprehensive approach ensures enhanced decision-making, stronger compliance through systematic validation and fraud detection, and improved efficiency, leading to a future where skilled professionals can confidently leverage AI for financial transformation while maintaining the highest standards of security, compliance, and transparency.
What This Means for ERP Insiders
Trust should be the foundation of any AI Tool. As AI grows in adoption, companies are beginning to realise that not all options take proper care of their data – especially highly-sensitive financial information. This is why many businesses are using Kyriba’s holistic platform, as it never uses customer data to train AI models.
Prepare for today, plan for tomorrow. While mapping out their AI frameworks, companies should keep in mind that regulations will continue to grow and evolve. Kyriba empowers organizations to comply with the EU AI Act by providing not only the technology for uncompromised security and real-time validation of AI-driven decisions, but also the framework for developing the necessary AI skills. This will allow them to remain competitive well into the future.
AI should drive value in ways people cannot. AI is not designed to be a replacement for humans but rather enhance their capabilities. Kyriba’s agentic AI solutions offers clear, explainable insights that support data storytelling capabilities. This feature enables finance professionals to transform complex AI outputs into understandable and actionable insights for stakeholders, making financial data more accessible and meaningful.
