Armin Berger

Lars Hillebrand, Armin Berger, Tobias Deußer et al.

Auditing financial documents is a very tedious and time-consuming process. As of today, it can already be simplified by employing AI-based solutions to recommend relevant text passages from a report for each legal requirement of rigorous accounting standards. However, these methods need to be fine-tuned regularly, and they require abundant annotated data, which is often lacking in industrial environments. Hence, we present ZeroShotALI, a novel recommender system that leverages a state-of-the-art large language model (LLM) in conjunction with a domain-specifically optimized transformer-based text-matching solution. We find that a two-step approach of first retrieving a number of best matching document sections per legal requirement with a custom BERT-based model and second filtering these selections using an LLM yields significant performance improvements over existing approaches.

Muskaan Chopra, Lorenz Sparrenberg, Armin Berger et al.

Diabetic Retinopathy (DR) remains a leading cause of preventable blindness, with early detection critical for reducing vision loss worldwide. Over the past decade, deep learning has transformed DR screening, progressing from early convolutional neural networks trained on private datasets to advanced pipelines addressing class imbalance, label scarcity, domain shift, and interpretability. This survey provides the first systematic synthesis of DR research spanning 2016-2025, consolidating results from 50+ studies and over 20 datasets. We critically examine methodological advances, including self- and semi-supervised learning, domain generalization, federated training, and hybrid neuro-symbolic models, alongside evaluation protocols, reporting standards, and reproducibility challenges. Benchmark tables contextualize performance across datasets, while discussion highlights open gaps in multi-center validation and clinical trust. By linking technical progress with translational barriers, this work outlines a practical agenda for reproducible, privacy-preserving, and clinically deployable DR AI. Beyond DR, many of the surveyed innovations extend broadly to medical imaging at scale.

Sarthak Khanna, Armin Berger, Muskaan Chopra et al.

Financial markets are inherently non-stationary: structural breaks and macroeconomic regime shifts often cause forecasting models to fail when deployed out of distribution (OOD). Conventional multimodal approaches that simply fuse numerical indicators and textual sentiment rarely adapt to such shifts. We introduce macro-contextual retrieval, a retrieval-augmented forecasting framework that grounds each prediction in historically analogous macroeconomic regimes. The method jointly embeds macro indicators (e.g., CPI, unemployment, yield spread, GDP growth) and financial news sentiment in a shared similarity space, enabling causal retrieval of precedent periods during inference without retraining. Trained on seventeen years of S&P 500 data (2007-2023) and evaluated OOD on AAPL (2024) and XOM (2024), the framework consistently narrows the CV to OOD performance gap. Macro-conditioned retrieval achieves the only positive out-of-sample trading outcomes (AAPL: PF=1.18, Sharpe=0.95; XOM: PF=1.16, Sharpe=0.61), while static numeric, text-only, and naive multimodal baselines collapse under regime shifts. Beyond metric gains, retrieved neighbors form interpretable evidence chains that correspond to recognizable macro contexts, such as inflationary or yield-curve inversion phases, supporting causal interpretability and transparency. By operationalizing the principle that "financial history may not repeat, but it often rhymes," this work demonstrates that macro-aware retrieval yields robust, explainable forecasts under distributional change. All datasets, models, and source code are publicly available.

Sarthak Khanna, Armin Berger, David Berghaus et al.

We propose STONK (Stock Optimization using News Knowledge), a multimodal framework integrating numerical market indicators with sentiment-enriched news embeddings to improve daily stock-movement prediction. By combining numerical & textual embeddings via feature concatenation and cross-modal attention, our unified pipeline addresses limitations of isolated analyses. Backtesting shows STONK outperforms numeric-only baselines. A comprehensive evaluation of fusion strategies and model configurations offers evidence-based guidance for scalable multimodal financial forecasting. Source code is available on GitHub

Armin Berger, Lars Hillebrand, David Leonhard et al.

The auditing of financial documents, historically a labor-intensive process, stands on the precipice of transformation. AI-driven solutions have made inroads into streamlining this process by recommending pertinent text passages from financial reports to align with the legal requirements of accounting standards. However, a glaring limitation remains: these systems commonly fall short in verifying if the recommended excerpts indeed comply with the specific legal mandates. Hence, in this paper, we probe the efficiency of publicly available Large Language Models (LLMs) in the realm of regulatory compliance across different model configurations. We place particular emphasis on comparing cutting-edge open-source LLMs, such as Llama-2, with their proprietary counterparts like OpenAI's GPT models. This comparative analysis leverages two custom datasets provided by our partner PricewaterhouseCoopers (PwC) Germany. We find that the open-source Llama-2 70 billion model demonstrates outstanding performance in detecting non-compliance or true negative occurrences, beating all their proprietary counterparts. Nevertheless, proprietary models such as GPT-4 perform the best in a broad variety of scenarios, particularly in non-English contexts.

Lars Hillebrand, Armin Berger, Daniel Uedelhoven et al.

Risk and Quality (R&Q) assurance in highly regulated industries requires constant navigation of complex regulatory frameworks, with employees handling numerous daily queries demanding accurate policy interpretation. Traditional methods relying on specialized experts create operational bottlenecks and limit scalability. We present a novel Retrieval Augmented Generation (RAG) system leveraging Large Language Models (LLMs), hybrid search and relevance boosting to enhance R&Q query processing. Evaluated on 124 expert-annotated real-world queries, our actively deployed system demonstrates substantial improvements over traditional RAG approaches. Additionally, we perform an extensive hyperparameter analysis to compare and evaluate multiple configuration setups, delivering valuable insights to practitioners.

Tobias Deußer, Lorenz Sparrenberg, Armin Berger et al.

The proliferation of textual data containing sensitive personal information across various domains requires robust anonymization techniques to protect privacy and comply with regulations, while preserving data usability for diverse and crucial downstream tasks. This survey provides a comprehensive overview of current trends and recent advances in text anonymization techniques. We begin by discussing foundational approaches, primarily centered on Named Entity Recognition, before examining the transformative impact of Large Language Models, detailing their dual role as sophisticated anonymizers and potent de-anonymization threats. The survey further explores domain-specific challenges and tailored solutions in critical sectors such as healthcare, law, finance, and education. We investigate advanced methodologies incorporating formal privacy models and risk-aware frameworks, and address the specialized subfield of authorship anonymization. Additionally, we review evaluation frameworks, comprehensive metrics, benchmarks, and practical toolkits for real-world deployment of anonymization solutions. This review consolidates current knowledge, identifies emerging trends and persistent challenges, including the evolving privacy-utility trade-off, the need to address quasi-identifiers, and the implications of LLM capabilities, and aims to guide future research directions for both academics and practitioners in this field.