Artificial intelligence (AI) is revolutionizing financial processes, risk management, and internal audits by enabling data-driven decision-making and fostering collaboration across the three lines of defense—management, internal audit, and external auditors. At the MindBridge Conference 2024, industry leaders like Ryan Mitchell (Chevron), Chris Swanson (Polaris), and Mark Stone (Sealed Air), alongside moderator Michelle Alexander, shared how AI and machine learning (ML) have transformed their operations, offering actionable strategies for scaling AI adoption and unlocking its full potential.
Driving Collaboration Across the Three Lines of Defense
AI breaks down silos between finance, internal audit, and business units by providing clear, actionable insights. Ryan Mitchell from Chevron detailed how AI-powered tools like MindBridge enable real-time anomaly detection and analysis of massive datasets. For instance, Chevron’s use of AI to review 40 million timesheet entries uncovered cost-saving trends and operational inefficiencies, strengthening both their control environment and bottom line.
Chris Swanson of Polaris emphasized that AI shifts internal audit’s role from a “gotcha” function to a strategic partner. By providing business units with proactive insights rather than reactive findings, internal audit fosters trust and collaboration, ultimately driving better-informed decision-making.
Enhancing Data Quality and Transparency
AI’s effectiveness hinges on the quality of the data it analyzes. Ryan Mitchell explained that AI tools can identify gaps in data integrity while simultaneously uncovering insights to improve operational efficiency. Mark Stone from Sealed Air added that imperfect data shouldn’t be a barrier to adoption, as AI’s anomaly detection capabilities provide value even in challenging data environments.
MindBridge’s commitment to explainable AI and transparent algorithms was highlighted as a critical enabler for building trust among stakeholders, including external auditors. Its holistic approach ensures that organizations can confidently rely on AI-driven insights to enhance compliance and reporting accuracy. Learn more about improving data quality and anomaly detection for ICFR in this whitepaper.
Transforming Internal Audit Processes
AI is reshaping traditional audit cycles by enabling continuous monitoring and full-population testing. Mark Stone shared how Sealed Air reduced audit workloads and improved risk assessments by leveraging AI for targeted testing. This approach not only streamlines audit processes but also empowers teams to focus on higher-value activities, such as analyzing risk trends and advising business leaders.
Chris Swanson highlighted another transformative use case: improving audit planning. By proactively running data analyses, internal audit teams can identify trends and anomalies before engaging with business units. This shift from questionnaire-based planning to data-driven discussions enhances audit efficiency and effectiveness.
Overcoming Barriers to AI Adoption
Managing Change and Building Stakeholder Buy-In
Introducing AI requires a clear vision and strong communication. Mark Stone underscored the importance of articulating the “why” behind AI initiatives to stakeholders, emphasizing that AI is about smarter resource allocation, not headcount reduction.
Ryan Mitchell recommended making AI relatable by aligning it with familiar processes. For example, demonstrating how AI enhances traditional statistical methods can demystify its capabilities and foster enthusiasm among teams.
Preparing for Scalability and Growth
As AI tools evolve, ensuring their scalability is essential. Chevron’s approach—partnering with MindBridge to customize AI models for specific use cases—showcases the importance of working with vendors who prioritize flexibility and long-term collaboration. Organizations that iterate on their AI solutions while building internal trust will be better positioned to adapt to future technological advancements.
The Future of AI in Finance and Audit
“This isn’t about replacing auditors—it’s about empowering them to focus on what truly matters.”
Looking ahead, AI is set to play an even more strategic role in finance and audit transformation. Continuous monitoring, anomaly detection, and predictive analytics will become standard practices, empowering organizations to:
- Enhance operational efficiency
- Strengthen risk management
- Improve collaboration across teams
Mark Stone summarized this evolution: “This isn’t about replacing auditors—it’s about empowering them to focus on what truly matters.”
Discover the Full Insights
The MindBridge Conference 2024 provided actionable strategies for leveraging AI to bridge the three lines of defense, improve collaboration, and drive meaningful business outcomes.
🎥 Watch the full on-demand session here to explore how organizations like Polaris, Chevron, and Sealed Air are revolutionizing their financial processes with AI.
Ready to transform your audit and finance operations? Contact a MindBridge expert today to learn how our AI solutions can empower your team and prepare your organization for the future.
