Canada-based financial risk discovery and anomaly detection company MindBridge has added four new products to its platform. According to the official statement, the new products that run on the MindBridge AI platform are Payroll, Company Card, Vendor, and Revenue Risk Analytics.

Each of these aims to provide customers with insights into financial, transactional, and operational risk. Strategy-wise, MindBridge’s solution seeks to identify risk severity across a company's entire range of transactions, thus allowing auditors and analysts to identify high-risk finance transactions in due time. What do the new products entail? The payroll risk analytics offering can be used by businesses to assess their payroll data – including hourly rates, hours worked, and unusual payment patterns, among others – and ensure that it is properly represented.

The product can detect anomalies and flag discrepancies. The automated process is anticipated to provide new data to finance professionals, whilst minimising the time and effort required for manual reviews. Moreover, the company card risk analysis can purportedly detect surges in card activity for businesses and spot extreme outliers.

Among the capabilities that the product features include an automatic out-of-box algorithm and the testing of accounts and cost centres – to categorise point-of-sale transactions. The vendor invoice risk analytics solution uses machine learning algorithms to examine vendor invoices and line items in a bid to identify unusual patterns across users, vendors, cost and profit centres, companies, and other categories one may be using in their business. Finally, the revenue risk analytics product reportedly provides insights into insights into specific factors that influence sales performance, regardless of whether or not they are under the business’ control.

MindBridge’s strategy and past developments MindBridge is a financial risk discovery and anomaly detection solution provider that strives to provide professionals with the ability to identify, surface, and analyse risk across financial datasets. Its platform, MindBridge AI, reportedly is the first financial risk discovery platform that leveraged artificial intelligence (AI) to automate anomaly detection for internal controls over financial reporting (ICFR). Solution-wise, MindBridge compares a business’ data across more than 40 capabilities – or control points –  to determine the risk level of 100% of its transactions.

The control points then help build an ensemble that is tailored to the business’s data – which can detect both known and unknown risk. Earlier in 2023, the company announced a partnership with KPMG, as part of a larger effort to bring AI-based services into KPMG member firms’ digital audits worldwide. .