Summary

MindBridge supports several analysis types, depending on your organization's needs and methodologies. Review the analytical capabilities of each analysis below, as well as the datasets required to access them.

• Transaction Risk Analytics
• General ledger analysis
• Review engagement

Transaction Risk Analytics

MindBridges's Transaction Risk Analytics ("TRA") offer tailored configurations of machine learning algorithms that you can run against large, structured financial and operational datasets. These configurations help you uncover financial risk and operational inefficiency, deliver meaningful results for specific use cases, and can help drive outcomes in your organization.

TRA configuration files are created in collaboration with a MindBridge Customer Value Architect, and can be geared towards your organization’s unique needs and methodology.

• MindBridge TRA analysis
  • Company Card analytics
  • Payroll (salary) analytics
  • Payroll (hourly) analytics
  • Revenue analytics
  • Vendor analytics

During creation, a TRA analysis may be configured for any of the following time frames:

• Full: This time frame is intended to be used when analyzing a complete dataset. It may represent a full fiscal year of data, but the analysis period (i.e., the period of time being analyzed) can be set up for any amount of time. Learn more
• Periodic: This time frame is intended to be used when analyzing sequential periods of data, imported on an ongoing basis for the duration of the analysis period. Learn more

Reach out to your CVA or Account Manager today to see if TRA is right for your organization.

General ledger analysis

The General ledger ("GL") analysis uses various combinations of machine learning, statistical, and rule-based control points to find anomalies in financial data. It runs analytics on 100% of the transactions and entries, and is most effective when analyzing balanced transactions containing 2 or more line entries.

A GL analysis can be created in engagements that use any of the following MindBridge libraries (or, a custom library that uses one of the following as a base library):

• General ledger (For-profit)
• General ledger (Not-for-profit)
• General ledger (Not-for-profit with fund)

During creation, a GL analysis may be configured for any of the following time frames:

• Full: This time frame is intended to be used when analyzing a complete general ledger. It may represent a full fiscal year of data, but the analysis period (i.e., the period of time being analyzed) can be set up for any amount of time. Learn more
• Interim: This time frame is intended to be used when analyzing a portion of the general ledger, allowing you to conduct audit work prior to year-end. An interim analysis can be converted into a full analysis once the complete general ledger is available. Learn more
• Periodic: This time frame is intended to be used when analyzing sequential periods of data in a general ledger, imported on an ongoing basis (depending on your analysis configuration). Learn more

Relevant files

• General ledger: Usually an export from an ERP or accounting system. This export typically needs to be converted into an excel format such as .xlsx or .csv.
• Opening balances: Contains account balances at the start of the fiscal year.
• Closing balances: Contains account balances at the end of the fiscal year.
• *Chart of accounts: Helps MindBridge map your account numbers to the appropriate MAC code.
• *Account mapping: Helps MindBridge map your account numbers to the appropriate MAC code.

*When you import a general ledger, chart of accounts, or account mapping file, MindBridge detects and maps accounts automatically, but you will need to verify your account mappings before running an analysis. Account mappings are shared between all general ledger analyses within an engagement.

Analysis capabilities

• Risk scoring and analytics: Access by importing a general ledger.
• Trends and ratios: Access by importing a general ledger and opening balance. Importing an opening balance ensures that account balances reflect the position of the accounts at the start of the fiscal year.
• Prior period comparison: Access by importing general ledgers and opening balances for the current period and immediately prior period.
• Period-over-period trends and ratios: Access by importing a general ledger for the current period and at least one previous period. Importing an opening balance for each period ensures that all account balances are up-to-date with adjusting entries made prior to that period.
• Expected range: Access by importing the general ledgers for the current period and up to 4 prior periods.
• Income statement report: Access by importing a general ledger.
• Balance sheet report: Access by importing a general ledger and an opening trial balance.
• Pre-analysis completeness check: Access by importing a general ledger, an opening balance, and a closing balance.

Review engagement

The review engagement analysis can analyze transactions posted to a general ledger in order to help you develop an opinion related to reasonable assurance. MindBridge uses our suite of machine learning, statistical, and rule-based control points to provides streamlined and repeatable analytics to improve efficiency.

Visit Review engagements: Resource guide to learn about file import requirements.

Anything else on your mind? Chat with us or submit a request for further assistance.