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MindBridge Analytics Inc. is a venture-backed FinTech company based in Ottawa, Canada. Through the application of machine learning and artificial intelligence technologies, the MindBridge platform detects anomalous patterns of activities, unintentional errors and intentional misstatements.
MindBridge introduced the world’s first commercial AI Auditor platform at the end of 2016. Using the MindBridge AI Auditor to analyze financial transactions and reports, organizations across multiple industries can leverage artificial intelligence to minimize risk exposure to financial loss and corporate liability. The platform provides a next generation experience that provides intuitive insights to enhance professional judgement by focusing the analysis on the most relevant unusual activities.
Financial loss due to human error or by intent is surging and there is a limited number of auditors and investigators to identify anomalous activities in financial transactions and reports. Existing practices in financial anomaly detection typically use business rules to identify breaches of control. Hiring more compliance or risk analysts is just not an option anymore.
Rules-based systems are the backbone of current auditing systems, but they have been known to be failing to find material financial misstatements, or indeed fraud. These are not effective because rules can be circumvented by clever individuals and can only capture what is explicitly coded into them.
The MindBridge AI Auditor bridges the gap between human and artificial intelligence by enhancing professional judgment across multiple industries.
Recent advancements in artificial intelligence have enabled a new class of converged analytics to analyze financial transaction flows and better detect anomalies; unintentional mistakes/errors and intentional misstatements. Using algorithms based on smart data science, MindBridge performs an analysis of 100% of the datasets to generate actionable insights and delivers them through an interactive, user-friendly visual interface to help organizations minimize risk exposure to financial losses while supporting audit professionals to meet and exceed regulatory and industry standards.
The MindBridge AI Auditor has been proven to detect anomalous activities and transactions that incumbent systems cannot.