Internal auditors and others involved in compliance-related diligence work have a broad mandate to provide assurance and risk-based insights to their stakeholders. This takes place in highly complex and heavily regulated environments – even before the pandemic. Accounting Today brought this interesting information to our attention in their article, “Leverage data analytics to curb fraud risks.”
As remote work becomes the norm for many, the need to become more efficient and more effective in identifying and responding to risks has never been more important. It is important to remember that would-be fraudsters continuously innovate to avoid detection. They are skilled and tech-savvy and unfortunately use that talent for nefarious endeavors.
This is where data analytics can help. The use of data analytics to uncover fraud risks is not new. The development of data-driven tools continue to evolve. How can we best leverage data analytics to become more empowered and efficient to better prevent, detect and remediate fraud activity?
Melody K. Smith
Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.