Financial AI pioneer delivers next
generation platform yielding unprecedented scale, visibility,
insight, and control of risk across all enterprise financial
transactions
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:
- 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.
- New account mapping. Leverage new accounting mapping
functionality for more efficient engagement creation and
faster onboarding.
- 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."
About MindBridge
Founded in 2015 and headquartered in Ottawa, Canada, MindBridge Analytics is the
pioneer and leader in AI-driven financial risk intelligence.
Recognized globally for its innovative approach, MindBridge's
technology is designed to streamline and secure AI adoption across
all financial workflows, empowering financial professionals and
their stakeholders with continuous, actionable insights by
surfacing enterprise risk across all critical financial flows.
Learn more at https://mindbridge.ai.
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SOURCE MindBridge Analytics