Data analytics is a powerful fraud prevention and policy enforcement tool
You can catch the devil in the details
WHITE PAPER |
In an environment where the great recession and recent economic scandals are generating both heightened regulatory attention and increased public scrutiny, it’s vital that companies ensure their corporate governance and controls are effective and transparent – data analytics can be a key tool to achieve those ends.
Companies today collect a staggering amount of data. Yet traditional audit-based internal control procedures still rely on statistical sampling methods which look at only a relatively small amount of it. Using data analytics, companies can review all data, even data outside their organizations, to catch connections indicative of high-risk activities and surface them for more detailed examination.
Data analytics can be especially important as companies expand off-shore operations in our increasingly global economy. Not only does operating in a new environment create new and unfamiliar risks, legislation like the Foreign Corrupt Practices Act or the United Kingdom’s Bribery Act of 2010 can expose companies that do pay sufficient attention to fraud prevention and detection to substantial fines, loss of export privileges and dire consequences for their executives and other issues.
- How data analytics works
- How it can make your internal controls and corporate compliance more efficient and effective
- Specific off-shore fraud issues