Analytics allows you to look at the big picture, know your business, source your data, analyse the risk and show your results.
- Manage your strategic risk. Take a holistic look at your business operations, to be able to know what your risks are and how to prevent them.
- Analyze all your data no matter the source. Everything is in the same place, in a format that you can understand, using less time.
- Find the mistakes and flag data matches. This solution helps you keep a track of issues and where they keep occurring.
- Create and analyse visual data. The reports are easier to read and getting to what interests the higher-ups.
- Under investigation, providing proof and records of what your research finds.
- Eliminate the need for manual analysis as the process is
With Analytics Exchange, you are able to discover your strategic risk faster, collaboratively and with server-based technology and security.
- Trustworthy storage of data with a centralized workflow. Alll your information is in one place, where Cloud security limits access to your information.
- Allows your team to easily collaborate, with access to the same big data, it’s now easier to work together.
- Scalable integration options. As your data grows, so can this solution.
- Smart usage with the ability to schedule your data so your team is kept up to date.
Governance Risk compliance GRC gives you the opportunity to let go of having to manage various spreadsheets to get the results you need.
- 24/7 secure access to your data and analysis with centralized assets. Even with no internet connection, you still can view your data with your PC or mobile device.
- Easily manage your projects in one system. Use our solution to plan, manage, execute and report on your business.
- Check on the resolution of projects with one click. Keep track of what’s happening in your business with our integrated system in real time.
- A built-in secured framework with no third party to manage and no outside link to your confidential information.
- Create a report your boss will want to read. Access the data to give answers, not for more questions to be asked.
- Ability to find 80% of risk you may have missed no more random sampling and scanning numerous spreadsheets.
5 reasons to implement Data Analytics programme for prevention and detection of fraud in your business.
1. Internal control systems have serious control weaknesses
- In order to effectively test and monitor internal controls, organizations need to look at every transaction that takes place and test them against established parameters, across applications, across systems, from dissimilar applications and data sources. Most internal control systems simply cannot handle this.
2. Purpose-built data analytics is light years ahead of manual sampling
- It allows for repetitive continuous analysis. scripts are set-up to run against large volumes of data to identify those anomalies as they occur over a period of time. This can really improve the overall efficiency and consistency and quality of your fraud detection processes. Create, test and run scripts against data so you get periodic notifications when an anomaly occurs in the data.
3. It covers various application areas for fraud detection (Accounts, Inventory Management, HR etc.)
- Fraudsters can and will exploit weaknesses wherever they can find them. Data analysis has proven itself really reliable in fraud detection and prevention in a wide range of areas. Just think about the possibilities for fraud in credit card management! People buying things they’re not supposed to on their corporate credit cards.
4. ROI on fraud findings can be pretty high
- A financial services firm identified a single expense fraud that was high and in excess of 200 instances of abuse in only one month. You must pay attention to even the little stuff on an on-going basis to make sure you can catch it and as a result, become far more efficient and organized.
5. Data Analytics audit logs can be used in courts of law as proof of fraudulent activity
- One of the key aspects of data analytics is the ability for the technology to maintain comprehensive logs of all activities performed. Proof is usually required when a fraudulent activity is discovered. That proof has to be specific and detailed enough to stand up to further fraud investigation, perhaps even prosecution. In many cases the audit log generated by data analytics has been used in courts of law to prove for the prosecution that the activities were performed with fraudulent intent.
This solution will improve your ability to identify, analyze and remediate anomalies associated with conducting payroll audits. This is achieved by using an integrated, convenient, user-driven exception reporting software system to identify your payroll’s anomalies such as:
- Payments to terminated employees Payments to non- existent employees that are ‘created’ internally to divert funds.
- Highlight excessive overtime, worked hours, and unusual bonuses based on analysis of historical data
- Corrupt or incomplete data records by inaccurate reporting or payments
- Instances of duplicated employee identifiers within the master data: TRN, NIS etc.
- Potential payments to single individuals as multiple employees
- Active Employees with no YTD payments for employees New employees receiving payment prior to start date Employees working excessive hours outside normal/approved times
- Employees master file changes outside acceptable hours
- Unusual employee bonus increases or multiple times
ACL delivers technology solutions that are transforming audit and risk management. Through a combination of software and expert content, ACL enables powerful internal controls that identify and mitigate risk, protect profits, and accelerate performance.
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