MindBridge Unveils Groundbreaking AI Capabilities for Comprehensive Financial Oversight

Originally published here in PR Newswire

OTTAWA, ON, May 21, 2024 /PRNewswire/ - MindBridge, a pioneering leader in AI-powered financial risk intelligence, today unveiled major enhancements to its MindBridge platform that empowers companies to monitor 100% of financial transactions with unprecedented accuracy and efficiency. These advancements mark a significant milestone in the company's mission to deliver continuous, actionable insights by surfacing enterprise risk across all critical financial flows and processes.

The impact of artificial intelligence across the Enterprise has been exceptionally rapid. New frontiers in operating efficiency, revenue generation, and customer success are transforming businesses every day. While these efficiency gains are exciting, they open up a new frontier in managing risk for today's enterprise customers. Finance and internal audit teams now require a continuous approach to their auditing methodologies and control frameworks.

"With the latest release of MindBridge AI, companies can now achieve comprehensive, continuous insights into their financial operations, significantly reducing the risk of errors and ensuring compliance with the highest standards," said Gillian Fisher, VP of Global Services at MindBridge.

Unmatched Financial Oversight

The MindBridge AI^™ platform provides machine learning algorithms that analyze every transaction without the need for data science expertise. Pre-configured products for General Ledger, Vendor Invoice, Payroll, Corporate Cards, and Revenue work out-of-the-box, allowing your organization to have a unified internal controls structure that is data-driven and AI-powered. With over 135 billion financial transactions risk scored, it is the most widely used AI built for financial risk intelligence.

"The use of automation and Generative AI across finance teams requires a completely new approach to internal controls and audit," said Rachel Kirkham, MindBridge VP of AI and Product. "The efficiency gains are obvious, but our customers are concerned about how employee use of AI may lead to increased error and risk in new and unexpected ways."

Streamlined Operational Efficiency

With this latest release, MindBridge has new features that increase operational efficiency, leading to faster time to value, quicker onboarding, and more nuanced financial analysis:

1. New machine learning algorithms include significant advancements in data science for finance teams. The MindBridge AI platform can now identify Unusual Digit Transposition and Unusual Digit Combinations, often referred to as "fat finger" errors. This innovation is the first and only AI model capable of identifying these frequent errors at scale.
2. New account mapping. Leverage new accounting mapping functionality for more efficient engagement creation and faster onboarding.
3. New filtering capabilities allow for handling more complex tests, supporting nuanced financial analysis.

These innovations reduce human error by detecting and rectifying common accounting mistakes. Additionally, enhanced filtering capabilities support more nuanced financial analysis, allowing for more precise risk assessments.

"Implementing these advanced algorithms allows our clients not only to detect errors more efficiently but also provides a deeper understanding of their financial landscape, which is crucial for timely decision-making," said Robin Grosset, CTO.

Customizable, AI-powered Controls for Tailored Risk Management

Responding to the diverse needs of finance professionals, MindBridge now offers customizable control points. This flexibility transforms how users tailor their auditing and risk management strategies to organizational needs.

"Polaris has built a proactive process for discovering unknown financial risk," said Chris Swanson, Manager - Internal Audit Data Solutions. "With MindBridge, we're able to take an AI-powered approach to internal controls over data-driven financial reporting."