The Association of Certified Fraud Examiners believes that almost 50% of fraud and corruption is detected by accident and only 14% by internal audit.  This begs the question why would a financial organisations leave something so important to chance?

The answer however is simple, the technologies that are being used were traditionally never really designed with bribery and corruption in mind.   In addition, the huge volume and variety of data that we are consuming and storing today is very different to the data that we have held in the past, this data is only set to grow and further adds to the complexity of monitoring improper activity.

The good news is that new approaches to data analytics are available to support the monitoring of actions which may constitute bribery and corruption.  We can now utilise structured data e.g financial accounting data and unstructured data e.g emails and audio to identify potential areas of inappropriate behaviour thus enhancing risk assessment and monitoring in near real time.

If you’d like to learn more about how analytics can identify and monitor fraudulent actions and behaviour, please get in touch