Demystifying Gen AI and getting ready for UK SOx

In this edition of The AP Arms newsletter, we look back at the month of June:? Paul Solomon , Head of Data Science at Xelix,? helped decipher Gen AI fact from fiction, and Michael Stallard , National SOx?and Controls Lead at BDO, told us how?you can?get your organisation?ready for the upcoming deadline.??

Demystifying Gen AI and its risks?

Following the launch of Helpdesk, our new vendor query management tool, our resident Gen AI expert Paul joined us to share his thoughts on Gen AI and its capabilities. First, he addresses some of the “risks” associated with Gen AI implementation ...?

1) Accuracy

Gen AI is still in its early stages and can be prone to errors. Paul emphasises the importance of having human oversight to catch mistakes and ensure the system's outputs are reliable. AI should complement human expertise - not replace it.?

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2) Data Security

Managing sensitive information securely is crucial. Xelix has prioritised working with cloud providers to ensure customer data is well-protected in our Helpdesk platform. Keeping data enclosed and minimising risks during early adoption phases is essential.?

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3) Balancing over-reliance vs being left behind

Identify low-risk areas for initial AI implementation such as automating simple tasks. This builds confidence for tackling more complex challenges like predictive analytics. Ignoring AI advancements can leave you behind competitors and ultimately be less cost effective .?

Introducing Helpdesk?

Helpdesk is an Accounts Payable ticketing tool that uses Large Language Models (LLMs) to automate email responses, reducing the AP workload. You’ll see faster response times, improved SLA compliance, high vendor satisfaction and significant time savings each quarter.?

Despite its advanced capabilities, Helpdesk stays low risk by keeping users in control of the process, while still delivering high value.??

?Want to learn more about Helpdesk? Let us show you round?

Getting ready for UK SOx

In Episode 10, Michael Stallard from BDO discussed the upcoming UK SOx regulations and what businesses can do to become compliant before the deadline. Michael’s extensive experience in controls, risk and governance provided valuable insights The AP Arms is becoming synonymous with.?

Here are some quick-fire learnings from Michael’s trip at The AP Arms:?

What’s the latest with UK SOx??

UK SOx ensures accurate and reliable financial reporting. Starting with years ending 31st? December 2026, companies must declare the effectiveness of their material controls. If ineffective, they need to outline steps for improvement.??

What is the impact on the AP function??

UK SOx affect Supply Chain and AP functions, so evaluating the payables process and outstanding balances is crucial to identifying potential risks. Automating processes and implementing real-time alerts can enhance risk management and system effectiveness.?

Read on for Michael’s full insights …??

Thanks for reading the latest edition of The AP Arms newsletter. Huge shout outs to our guests this month: Paul Solomon and Michael Stallard.?

Interested in popping in? Let us know – as a new establishment ‘round here, we’re always looking for more guests!?