Mindbridge : a revolutionary new approach to Internal Audit based on Artificial Intelligence
How does the world of internal audit cope with digitization? What opportunities do new technologies offer and what challenges do they pose? What does the profile of a future internal auditor look like? In the fast evolving world we live in today, every business and line of work is facing the challenge to adopt the latest technologies.
Internal audit is no exception to this. As elsewhere, people are continuously searching for the answer to these questions that will have no doubt a major impact in the future.
Crucial in this everchanging audit landscape are the use of reliable data, new technologies such as Machine Learning and Artificial Intelligence (AI), as well as the required knowledge to optimize the combination of them all. Innovating companies are already investing in better use of all available data within and outside of their organization and in understanding the many complex relationships that underlie them all. By combining accumulated know-how of new technologies, they succeed in further increasing the confidence in financial data being used and drastically reducing risks or fraud.
MindBridge AI Auditor is an AI powered audit solution that uses advanced Machine Learning and Artificial Intelligence techniques to support audit teams in handling massive amounts of financial data. This cloud-based solution was developed by the Canadian company MindBridge (www.mindbridge.ai).
Key benefits of using the MindBridge platform are:
- Faster insights into complete, complex data sets thanks to built-in data visualization
The manual processing of large data sets into bite-sized and auditable information requires a lot of manual effort that should not be underestimated.
With the MindBridge AI Auditor, large data sets can be processed and analyzed in an extremely efficient manner. The results of this analysis are presented in a visual and intuitive manner, which enables the internal auditor to identify the main risks in a very short time. Valuable time and resources within the internal audit team can therefore be concentrated on activities that add value to the company, such as improving the organization’s Risk Management System (RMS) and control systems, even identifying potential future risks. Internal audit’s focus will shift from problem finding to problem solving. Additionally, there is no further need to only process selected records from a sample, but ALL data records can be processed and analysed.
- Better understanding of complex relationships in data sets, thanks to Artificial Intelligence-based detection and predictions
Thanks to Machine Learning and Artificial Intelligence-based analysis, a risk-ranked overview is made for the entire data set. As an internal auditor, you will lose less time manipulating data, sampling and further analyzing a limited number of transactions without any result. Previously it was only possible to provide ‘statistically sufficient’ audit evidence. With the Mindbridge AI Auditor one can rewrite the definition of ‘reasonable assurance’, resulting in certainty that the data used provide a true and fair view of the current financial situation of the company.
Using AI-powered solutions will not only enable the audit team to identify and evaluate significant exposures to risk in a more efficient way, but on top of that do so with a higher degree of certainty.
The traditional statistical limits of internal audit are exceeded (thanks to working with complete data sets).
Other benefits of the Mindbridge AI Auditor platform:
Generate deeper insights using multiple techniques (business rules, statistical methods, Machine Learning and built-in knowledge from audit experts) to uncover material misstatements. This way unintentional errors and fraudulent transactions that would otherwise have slipped through the net, can be found.
With a complete set of ready-to-use reports, which include detailed and interactive reports and graphics that evaluate trends and identify potential risks for you. Losing time with data manipulation from legacy systems into usable queries is a thing of the past.
A lightning-fast, risk-based analysis of all transactions will allow you to spent more time on delivering added value to the organization.
Plan and perform the audit that focuses on the biggest risks in an agile way. The AI Auditor helps and supports you to identify possible misstatements caused by error or fraud in a blink of an eye.
Communicate directly with team members within the engagement or set reminders to keep track of important tasks, thanks to the built-in functionality. Not a single detail will be missed!
Relieve your manually intensive audit tasks with a fully processed data set that suggests which transactions need further investigation.
Secure sensitive financial information through access and user management provided within the MindBridge solution.
No intensive training sessions are required with the user-friendly interface. A tenant will be set up for you so you can get started in an instant.
Duplication of tables and charts is not necessary due to the full integration with Microsoft Excel. Easily export all data from the platform to get started with it in Excel.
Personalize each research by creating custom ratios yourself and analyzing them more deeply.
The built-in Machine Learning functionality ensures that you do not research the same results every year when they are not significant. The platform teaches itself what constitutes a risk based on what was stated earlier.
The maintenance-friendly and cost-efficient cloud-based solution entitles you to the latest functionalities with every new release: introduction of new reports, possibility of importing new data sources, new control points, ...
The future impact of internal audit teams on their organization will be determined by how they handle all available data by adopting new technologies. And especially because of the extent to which they manage to make this combination pay off optimally.
By adopting the MindBridge platform, you enable your organization to take part in this wave of innovations and to enjoy its benefits.
element61 can guide and support you in these challenges. So do not hesitate and contact us today for more information !