We are proud to announce the release of TP Copilot, an AI-powered module now integrated into TPGenie, designed to check all documents generated by TPGenie thoroughly against the latest OECD Transfer Pricing Guidelines and local legislation. TP Copilot significantly reduces the risk of non-compliance.
What is an AI Copilot?
An AI copilot refers to an artificial intelligence system designed to assist and collaborate with users in performing specific tasks. Rather than fully automating processes, the copilot works alongside the user, offering suggestions, performing calculations, handling repetitive tasks, or providing insights based on large data sets.
What is a Transfer Pricing Copilot in TPGenie?
TP Copilot leverages artificial intelligence to assist users creating transfer pricing documentation that’s is accurate and up-to-date. With its capability to interpret patterns and spot potential issues, TP Copilot is tailored for the unique challenges of transfer pricing, where accuracy, adherence to regulations, and consistency across documentation are crucial.
Addressing the Challenges of Transfer Pricing
Transfer pricing involves testing prices for transactions between related entities across different jurisdictions. This requires detailed documentation to meet both local regulations and international standards, such as the OECD guidelines. Manual handling of these processes can be time-consuming and prone to errors, especially as reporting requirements grow more stringent.
How TP Copilot Transforms Transfer Pricing Workflows
By automating the validation process, TP Copilot checks all documents thoroughly against the latest OECD Transfer Pricing Guidelines and the specific requirements of local legislation. The system is designed to enhance transparency and user confidence by displaying precise references to relevant articles within the OECD guidelines or local legislation. This feature allows users to easily understand the rationale behind each validation point and stay informed about the regulatory framework governing their work. Moreover, TP Copilot offers direct links to the documents generated within TPGenie, facilitating quick access and efficient navigation between related files.
The following features are available to users:
- Inconsistency Identification: TP Copilot reviews local files generated by TPGenie, flagging areas that require correction. TP Copilot highlights gaps for immediate review.
- Compliance Recommendations: TP Copilot doesn’t just flag issues; it provides actionable suggestions to correct them. For instance, if intercompany transactions fall outside an acceptable range, it can recommend adjustments to bring pricing in line with legal requirements.
- Cross-Entity File Comparison: If multiple Local Files are created for different entities, TP Copilot can compare these documents, identifying any inconsistencies to ensure coherence across all reports.
- External Data Validation: With integration to public data sources, TP Copilot can verify data points, ensuring accuracy in functional analyses and reducing discrepancies in reports.
- Real-Time Data Review: TP Copilot processes your data in real time, alerting you to any potential issues or missing information without requiring extensive manual checks.
Ensuring Data Privacy and Security
In line with European data privacy regulations, TP Copilot is hosted on Microsoft Azure’s OpenAI platform with data processed and stored exclusively on servers located in Western Europe. This is in line with GDPR and provides peace of mind that data remains protected and localised.
No customer data is used to train AI models, and strict access controls ensure that no unauthorised third parties, including those outside the EU, have access to your data (more info on Microsoft.com).
Enhanced Capabilities within TPGenie
TP Copilot brings several new features to TPGenie’s already robust transfer pricing functionality:
- Text completion: Writing assistant that helps to complete texts with the use of ChatGPT (more info).
- Indicating Missing information: notify on missing paragraphs and sections.
- Typos and grammas mistakes: Indicate spelling mistakes.
- Inter-company agreements validation: Check if your local file is in line with relevant attached inter-company agreements. Highlight missing agreements.
- References: Direct link to Google search related articles and guidance.
Conclusion
The introduction of TP Copilot within TPGenie brings powerful AI capabilities to transfer pricing professionals, automating documentation, ensuring compliance with local and international regulations, and providing practical solutions for complex challenges. By integrating these features, TP Copilot allows professionals to stay ahead of regulatory changes and focus on higher-value activities with confidence.
Book a demo to experience how TP Copilot can transform your transfer pricing workflows.
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