Increase public trust, reduce costs
Municipal, state, provincial, and federal governments struggle to analyze the vast amount of financial data necessary for budgeting, reporting, and audit. Current tools, and the specialized people required to use them, cannot scale to keep pace…and the challenges will only increase.
MindBridge Ai Auditor enables government finance and audit leaders to democratize the use of analytics across all departments, ending the dependency on specialized skills, empowering all government financial professionals to find risk in every accounted transaction.
Real customer: Auditor general’s office
Audit data analytics & anomaly detection: A number of auditor general’s offices have used MindBridge Ai Auditor to prove the analytical value of AI tools to detect anomalies across a wide variety of departments and state-owned corporations. The Ai Auditor platform demonstrated its flexibility and capability to detect transactions while the easy-to-use interface helped auditors to visualize risk and trend charts using heat maps, enabling them to ask better questions of the data.
Real customer: Election finance office
Candidate contribution & expense analysis: Due to the massive volume of data required to be reviewed, a major election bureau was taking more than two years to clear the backlog of all candidate contribution and expense audits, putting the legitimate status of sitting politicians at risk. MindBridge Ai was asked to examine the feasibility of applying AI to rapidly and uniformly spot issues including under-reporting of expenses, and was able to quickly duplicate analytical insights in a fraction of the time and expense.
Real customer: Government financial office
Pre-emptive financial reviews: MindBridge Ai was commissioned to examine the value of AI tools in identifying risk in financial transactions on every monthly close of the books as a pre-emptive audit control. Using sets of expense data collected from a variety of government departments, the platform applied a combination of AI and machine learning techniques to calculate the risk of transactions to be shared with department heads, helping to eliminate errors and frauds before they become ingrained in the operational model.
MindBridge Ai is currently available under the following government procurement vehicles:
PwC recently shared that in 2018 alone, 12 zettabytes of financial services industry (FSI) information was generated, but less than 0.5% was actually leveraged by businesses. This financial data explosion comes from an ever-increasing number of ERP and CRM systems employed by businesses and their partners, gathering and consolidating different payment, expense, inventory, and maintenance cost ledgers across the organizational landscape... Read more