MindBridge, a leading provider of financial risk discovery services, recently partnered with KPMG to integrate its artificial intelligence (AI)-driven risk platform into KPMG Clara, the advisory firm’s scalable, Microsoft Azure-powered audit platform.
The two companies have been working closely together for a number of years, and this latest alliance will help them reimagine the audit experience and deliver higher audit quality, with better insights and a greater understanding of complex datasets. MindBridge’s technology has been piloted with select KPMG member firms and is now being rolled out throughout the consultancy’s global network.
“Our alliance with MindBridge will bring increased levels of AI into KPMG Clara, allowing for improved risk identification, helping in the continued delivery of higher quality audits by combining KPMG firm’s in-depth industry experience and MindBridge’s advanced techniques,” Sebastian Stöckle, KPMG’s Global Head of Audit Innovation, said in a statement. “Working together we also continue to digitally transform the audit, providing increased quality and value to clients and enhancing public trust.”
Founded in 2015, MindBridge has been a leader in AI technology transformation, helping thousands of customers in small to large accounting firms and corporate finance teams improve audit quality and focus more effectively on relevant riskier transactions. The company was recognized by Gartner as a Cool Vendor in its October 2022 Finance report, calling out its advanced technology that incorporates advanced statistical, machine learning, and AI-based analytics into client business workflows to thoroughly analyze 100 percent of transactions and provide early identification of unknown risks.
The new partnership will see the two businesses working even more closely together to strengthen the KPMG Clara platform and bring new clarity and depth to its audit services, as AI continues to make inroads into a number of Big Four platforms. Other recent strategic partnerships include PwC joining with Harvey, an AI-based legal analysis platform built on technology from ChatGPT creator OpenAI and backed by its startup fund, to help the firm’s more than 4,000 global legal professionals gain greater insights into legal briefs, finance, and tax due diligence – which requires reviewing thousands of documents – freeing its team to focus on more complex and nuanced work.
With AI-based tools just beginning to gain momentum in the consulting world, one can expect further developments through the year as startups and consultancies continue to embrace novel ways to transform the way work is done.