Crime / Law

Major companies not making full use of big data to spot fraud

19th Mar `14, 03:57 AM in Crime / Law

Most companies are spurning the chance to improve their anti-fraud and anti-bribery efforts by not taking full advantage…

BDMS
Guest Contributor
 

Most companies are spurning the chance to improve their anti-fraud and anti-bribery efforts by not taking full advantage of big data analysis, according to research from business consulting firm EY.

EY found that 63 percent of senior executives surveyed at leading companies around the world agreed that they need to do more to improve their anti-fraud and anti-bribery procedures, including the use of forensic data analytics (FDA).

The survey polled more than 450 executives in 11 countries, including finance professionals, heads of internal auditing and executives in compliance and legal areas. They were asked about their use of FDA in anti-fraud and anti-bribery compliance programs.

Bribery and corruption was reported as the top perceived risk at 65 percent, with other significant fraud risk areas cited including asset misappropriation and financial mis-statement.

Paul Walker, head of EY’s forensic technology and discovery services in the UK, said: “Our findings suggest that while companies may be doing some forms of FDA, many could be missing important opportunities to improve their anti-fraud and anti-bribery efforts.

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