Ankura Unveils NoraGPT for Enhanced Data Protection

Ankura, a Consulting, advisory and forensic accounting firm, has announced the release of an innovative Artificial Intelligence (AI) tool created in collaboration with a Microsoft-supported company and the developer of ChatGPT, OpenAI.

The tool, named NoraGPT, is currently deployed within Ankura’s secure environment to safeguard the confidentiality of both staff and clients’ data.

The platform has human-like characteristics such as long-term and “forever” memory capabilities that help with file management and align with Ankura’s AI solutions.

“Just speaking internally, it’s going to impact every aspect, every functional area that we have,” Ankura CEO Kevin Lavin told Reuters.

Lavin expects AI tools to be applied to various fields such as fraud detection, safety and security, as well as to boost client intake. “It’s going to be a lot more,” he added.

He also said that AI would have a significant impact on revenues and generate internal cost savings initially in the range of 25% across the board, including reducing subcontractors and slowing new hiring.

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Saudi Focus

Ankura serves more than 3,000 clients across 55 countries with over 2,000 employees.

It set up a turnaround and restructuring practice for the Middle East out of its Dubai office last April, joining other advisory firms expanding their operations in the region.

Asked about operations in the Middle East, Lavin said that the region has been served primarily from London and Dubai, but the firm’s current office in Riyadh “will be the centre of what we do”.

“Saudi Arabia it’s just such a growing market and there’s a need for things that we do. And, you know, we’d like to participate in that.”

Several companies have been adopting generative AI to boost efficiency and cut costs, including Nokia and major drug makers even as experts flag potential legal and ethical concerns.