enhancing professional judgment with faster results and deeper insights MindBridge is bridging 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. Using algorithms […]
MindBridge Ai Auditor is a revolutionary approach to analyze financial transactions to detect anomalies – unintentional and intentional – by automating manual processes and providing a risk-based assessment to help organizations ensure compliance and minimize their exposure to financial loss and liability. MindBridge Demystifying AI — Unlocking the Black-Box Syndrome Key Benefits: MindBridge AI […]
One of the perhaps the most obvious and yet still most consistently recurring municipal corruption related problems for local governments is conflicts of interest, possibly due to the many and varied circumstances in which such conflicts may arise. The prevalence of this type of corruption is demonstrated by the amount of legal authority and case-law […]
On June 16th, after months of talking to awesome clients like yourself, we are happy to announce that we will soon be offering an in-app support (complete with in-app chat) feature to get you all the help you need to use the MindBridge Ai-Auditor effectively! Soon, you’ll log in to your accounts, and you will […]
It’s important to note that an unusual transaction depends on the context. An unusual transaction for one company might be completely normal for another company. The internal audit team has a better sense of what’s normal in an organization. In our fraud case, study the CFO reversed Cost of Goods sold. It was flagged as highly unusual. […]
Machine learning is the subfield of computer science. computers have the ability to learn without being explicitly programmed It evolved from the study of pattern recognition and computational learning theory in artificial intelligence. Data scientists construct algorithms that learn from the data and adapt over time. The focus is statistical learning. Machine Learning deals with predictions and […]
The MindBridge data scientist team consulted extensively with auditors to determined the default control points values. Remember, marking them all as 100% is like you saying everything is important to you. Not really conducive to finding what you don’t like. These values provided a reasonable risk profile. We recommend that you start out with the […]
What is the difference between the “Reversal” and “Reversed” control points? How do they work differently from each other?
The reversal control point flags transactions which are reversals of a previous transaction in the ledger. The reversed control point flags transactions which are reversed by a subsequent transaction in the ledger. The algorithm kind of finds both at once and then pairs them together. The earlier one is “reversed” and the later one is “reversal”. […]
Machine learning compares the data set by looking at Row 1 and its columns vs Row 2 and its column data. Then, Row 3, etc. The MindBridge Ai-Auditor ingests 100% of the file. It then analyzes 100% of the file with 100% of the rest of the file. This is hard to explain as this is […]
Due to the unique and creative ways employees “game” the system with purchasing cards and expense reimbursements, machine learning is also useful in identifying previously unknown schemes in these areas. These activities can create unusual combinations of debt and/or credit. Case experience has shown machine learning to be effective in identifying purchasing behavior such as frequent […]
Machine-based learning anomaly detection Machine learning is a useful type of artificial intelligence. Machine-based learning anomaly detection looks at all the numbers. It is able to learn without predefined decision rules. Machine learning constructs its own decision tree based on meta-tagged data, e.g., “red flag” or “not,” to decide how “red flag” transactions are related. […]
At present, the MindBridge Ai-Auditor only 1 GL can be analyzed. It’s ideal to have 12 or more months of data rolled-up into 1 file. Cohort Analysis (ie., analyzing multiple files, such as 12 files where 1 file is 1 month) is something that’s coming in the future in our sub-ledgers update. Read Mansbridge’s Story. Data […]
You can bulk create tasks for those reports, export and print them in the MindBridge Ai Auditor. You can also create reports by going to Transaction Table, Filter on what you want, then go to Bulk > Export, and voila!
MindBridge Ai-Auditor Local Yes. The MindBridge Ai-Auditor local on site installation is possible. The setup is a little involves, so your IT would work closely with experts at MindBridge AI. The minimum requirements to deploy the MindBridge Ai-Auditor in your environment are: 6 vCPU, 24 GB RAM 3 disks OS – 16 GB ○ Data […]
Are there any specific accounting packages that MindBridge Ai-Auditor cannot recognize the data set?
Technically, No. We’re able to ingest exports from most accounting software programs into the MindBridge Ai-Auditor and use it in our financial risk assessment services. However, some data massaging might be needed to have them conform to some requirements. Memo Account Number Account Description Posted Transaction ID Debit Credit If anything fails during upload, we’ll […]
Rules in the machine based learning anomaly detection in the MindBridge AI Auditor “if yes, then this”. They are specifically geared to check a use-case. If something falls outside of the scope because the rule was not geared to catch it, it’ll go unnoticed. Think of it this way, if I told you to only pay […]
Anomaly Detection Traditional analytics rely on rule-based methods for anomaly detection. These decision rules follow simple Boolean logic: if a vendor address matches an employee address and its wire transfer account matches the employee bank account, then it is likely a fictitious vendor. Machine learning is a useful type of AI that is able to learn without […]
What does machine learning mean in the context of MindBridge AI-Auditor? Can you tell me what specifically MindBridge AI-Auditor does?
The MindBridge Ai-Auditor machine learning translates every incoming GL into a language the machine understands (the 5 account mapping feature). Because of this translation, the machine is able to understand the monetary flows within a GL and identify unusual transactions. Traditional CAAT tools don’t do that, they simply scan numbers in isolated (for example show me […]
MindBridge Ai-Auditor Internal Audit We are an authorized agent of MindBridge Analytics Inc. We would be pleased to help you get a license for the MindBridge Ai-Auditor Internal Audit. As machine learning consumes large amounts of computing power, the license is based on the expected number of general ledger transaction that you would test. This […]
Existing practices in financial anomaly detection typically use rules-based systems to find breaches of control. An example of such a rule is a transaction amount limit. Using rules-based systems is the backbone of today’s auditing methods. However, often this approach fails to find material financial misstatements and fraud. Clever fraudsters understand these rules and get […]