Cyber, internal fraud risks drive use of forensic data analytics
Press Release | 18th May 2016
Reading, UK — 18 May 2016: Companies are increasingly turning to forensic data analytics (FDA) to better manage risk and combat the growing threat of fraud and data breaches, according to the EY Global Forensic Data Analytics Survey 2016.
The biennial survey showed a sharp rise in urgency amongst risk compliance executives who recognise the need for advanced technological tools to help them detect and prevent fraud and monitor compliance.
There isn’t complete buy-in from senior management though. Not enough of the anti-fraud budget is being spent on the most up to date FDA technology, and it is often reactive rather than proactive, the survey found.
According to the survey, “Two years ago, 64% of our respondents felt that their investment in FDA was sufficient; this year, only 55% are confident they are spending enough. This discrepancy between perception and practice is partly because decision-makers aren’t aware of the broad range of business value that FDA can deliver.”
While companies recognised FDA for its fraud detection ability, few respondents realised the potential cost and efficiency savings a forensic analysis programme can provide.
David Griffiths, CEO of FISCAL Technologies, the world-leading provider of accounts payable forensic software, commented: “The threat of fraud is a growing risk for companies and forensic data analysis is one of the most effective ways to mitigate this risk. Regulation has brought compliance and risk management to the forefront of the business agenda, and companies must respond to their increased vulnerability.
“Proactive controls, like forensic audit software that constantly monitors data for potentially fraudulent transactions, have been shown to reduce the cost and duration of fraudulent acts. In addition the value of this analysis lies in its ability to highlight efficiency improvements and instigate cost saving initiatives.”
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About FISCAL Technologies:
FISCAL Technologies is the leading provider of forensic solutions that empower purchase-to-pay teams across the globe to protect organisational spend.
Incorporating unique technology to reduce risk in the supply chain, FISCAL solutions are used on a continuous, preventative basis to protect supplier spend, defend against fraud, increase profitability and drive process improvement.
Since 2003, FISCAL has safeguarded hundreds of millions of payments and is now relied on by over 250 leading organisations.
For more information, please visit www.fiscaltec.co.uk.
0845 680 1905