MindBridge Completes World-First Algorithm Audit

Ottawa, Canada, Sept. 29, 2021 (GLOBE NEWSWIRE) — MindBridge, a leader in AI-powered financial risk discovery for audit, has completed a comprehensive audit of its algorithms. The audit was performed by University College London Consulting (UCLC), a renowned center of excellence for algorithm audit and safety. This marks another world-first for an AI platform in the audit space, this audit demonstrates MindBridge’s commitment to building explainable, credible artificial intelligence.

Dr Adriano Soares Koshiyama and Dr Emre Kazim are published experts in the field of Ai Audit and Ethics, and were the ideal candidates to complete our first Algorithm Audit.

UCLC reviewed MindBridge’s algorithms to Level 7, known as ‘Glass-box’ or ‘White-box’, where UCLC had full access to the MindBridge algorithms. The UCLC audit approach covers 4 key categories; Privacy, Explainability, Robustness and Bias. MindBridge’s algorithms were given the green status across all four categories by the UCLC team.

MindBridge’s Chief Technology Officer, Robin Grosset, had the following to say;

MindBridge has long realised that transparency is critical for safe and effective use of technology. No auditor should ever blindly trust a technology, they should demand vendor transparency and look for skilled, 3rd party validation. Today’s announcement, another first-of-a-kind for the industry, shows our continued commitment to AI transparency and with this, MindBridge now provides the highest level of transparency and assurance of any AI audit technology.

For auditors, this announcement will make it easier to place further reliance on the results of the MindBridge artificial intelligence, allowing auditors to sample fewer items and spend more time where it matters most. It’s a key stepping stone in building credibility for artificial intelligence in audit, and we hope that such 3rd party algorithm audits become the standard across the sector.

For more information, read our expanded post explaining the work that UCLC conducted and why it matters.

About Mindbridge

MindBridge, provider of the world’s leading financial risk discovery platform, helps auditors, accountants, and financial professionals to become more efficient and profitable. From transactional risk assessment to organizational process improvements, users are provided with the AI-embedded tools, visualized analytics, and in-depth resources they need for stronger analysis, assessments, and advisory services. Artificial intelligence and industry expertise set the MindBridge platform apart to surface errors, intentional or not. The organization has been recognized by the World Economic Forum as a Technology Pioneer in 2020 for its contribution to transforming the accounting and financial professions’ ability to analyze data. Founded in 2015 in Ottawa, Canada, MindBridge serves customers in the audit and advisory, enterprise, government, and financial institution segments around the world. For more information, www.mindbridge.ai