One of the greatest benefits of data analytics is the ability to review trends based on historical and current data. Trending allows an organization to know if they are getting better, staying the same or getting worse. Forensic data analysis allows for the review of more transactions, equipping management with the ability to determine whether their internal controls are working as intended. Results from analyzed data can pinpoint where you might be vulnerable, so you can mitigate your exposure to fraud risk.
Data analysis tests are run to detect anomalies related to various schemes such as:
In areas where trends appear to be getting worse, we will focus our attention to determine if potential fraud or abuse is occurring. As long time Certified Fraud Examiners, we are poised to offer strategic advice to remediate the detected schemes before they escalate. Using data analysis in our investigations enables us to examine larger volumes of data in shorter periods. Using sophisticated technology and tests for data analytics creates a more cost-effective investigation.
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