MindBridge Platform vs. Risk Proof

MindBridge [Platform] is an excellent tool to use to gain additional comfort over client's data. The key areas it helps with are analytical procedure risk and inherent risk, but depending on the data you have, it can also be able to assess control risk to a degree. It's a very malleable tool that can be made to fit your client, however, it does require upfront work (as the implementation of any new technology would). The tool may not be scalable for audit work that is very low-risk and requires little hour input in the first place as it may add more hours in the long-run than the normal audit would incur. Our team has used these low-risk audits in our implementation, however, to corroborate the results we get, which we felt has helped us achieve our successes with the tool.

Incentivized

Risk proof is well suited for quickly finding out potential money laundering [clients] and how much risk would it pose to get into a deal with the client. Risk proof is less suited around some ethical practice assessment of an organization. Such a scenario needs more manual intervention rather than tool assessment.

Incentivized

• Discovering and analysing patterns
• Identifying anomalies
• Extracting other useful information in data underlying the audit through analysis, modeling, and visualization

• Data based visualization
• Open source for data gathering
• Thorough risk assessment

Incentivized

• Because the software is so robust, the learning curve is fairly lengthy, but MB's customer service has been fantastic.

• More market reach
• More tools for decision making by boardroom
• Lesser price for more client base

Incentivized

The only reason I do not give this a 10 is that I would like a deliverable risk report. This would enable me to offer additional services to my non-audit clients.

My experience with customer support may different since I started using the application early on. I am also providing continuous recommendations for improvement or additional features. They have always been available when I needed them and they actually listen and value my opinion. They have implemented many of our recommendations and asked for our input on possible new features.

We did not consider any other similar products.

It was the tool used in the organization for risk assessment of any potential leads and deals. Before the tool, we used to analyze any risks using manual effort and approach which used to take a lot more man-hours and less reliable quantitative analysis for similar kinds of deals and scenarios.

Incentivized

• In the past, we did not obtain a lot of new audits because we were not the cheapest. Since using this product, we have obtained clients because we use AI. Not because we lowered our price, but because we are using AI to target the risk at the transaction level and delivering better audits.
• I have passed the cost of this software to my clients, so there has been no impact on my bottom line.

• Helped determining risks for ongoing deals
• Helped in Decision making process in board meetings
• Negative: Added some cost to the project

Incentivized