Audit and advisory service provider KPMG has partnered with MindBridge in order to bring AI-based services into KPMG member firms’ digital audits worldwide. Following this strategic deal, KPMG’s smart audit platform, KPMG Clara, will be enabled to leverage MindBridge’s technology in order to implement its AI-based solutions into the audits.

This will further allow the identification of unexpected and high-risk transactions, as well as the enhancement of the quality of audits. While using the KPMG Clara, partners of the company will be able to continue with their shared commitment to use the power of the AI technology, focusing on providing customers with improved quality of their products and transparent results of the audit. The KPMG Clara is a cloud-based platform that offers users around the world a risk-based and data-enabled digital audit.

It also gives a thorough analysis of the client’s financial data, identifying risks and threads at a transactional level across complex businesses. Combined with the machine learning and rule-based analytics technology provided by MindBridge, the company prioritises the overall improvement of the risk identification processes in digital audits. The new technology system has been allegedly piloted with select KPMG member firms and companies, as it is currently being rolled out across the global network.

Furthermore, through this collaboration, KPMG audit professionals will be given the possibility to have increased access to no-code AI capabilities, offerings, and learnings. These were designed to enhance their ability to analyse a high volume of information and data in order to gather increased value and insights. MindBridge’s platform and AI-based products Global financial risk discovery and fraudulent activity detection platform MindBridge offers multiple solutions and products to its customers.

It combines audit and finance expertise with data science and AI-based technology, aiming to offer services for financial transparency by surfacing and analysing risk across broad financial and operational datasets. Its platform combines machine learning capabilities, statistical methods, and traditional rules in order to deliver insights faster and more efficiently while surfacing patterns and connections between transactions, as well as across sub-ledgers and accounts. The company compares users’ data across numerous capabilities to identify the level of risk for their transactions.

The control points are used to build an ensemble of what is usable and relevant for the data set of the customers while identifying known and unknown risks. With the Ensemble AI tool, MindBridge uses a variety of risk intelligence tests that will be included in the client’s suite while providing deeper data understanding and clarity. Alongside its Customer Advocacy Program, MindBridge focuses on the latest data protection and cybersecurity practices across the market to make sure that its AI auditing platform and services are resilient, fully secure, and compliant.

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