Use Data Analytics to Detect Potential Internal Fraud
Data analytics is one of the most effective tools to combat fraud. According to the ACFE’s recent Report to the Nations, data analytics can help reduce the duration and dollar loss from fraud. In its study, the average duration of a fraud scheme detected by automated transaction/data monitoring was approximately 75% shorter than schemes detected by accident, resulting in less than half the dollar loss.
Forvis Mazars brings the skills, industry experience, and technology to help you detect patterns of fraud in accounts payable, purchasing cards, and payroll, which can help management uncover new insights to make better decisions. Whether you are trying to learn more about active fraud, manage the risk of fraud, or make operational improvements, the Analytics practice at Forvis Mazars can help.
The ACFE estimates organizations in a variety of industries and sectors lose 5% of revenue to fraud each year. Forvis Mazars' data analysts can look at the full population of data—not just a sample, common with traditional audit techniques—to help uncover subtle inconsistencies and patterns of fraudulent activities. We then collaborate with one of our Certified Fraud Examiners, who further analyzes the data.
Our team will walk you through our discoveries and help enable you to:
- Make data-driven decisions for your organization through easy-to-use, interactive dashboards
- Identify opportunities for stronger internal controls
- Find operational insights to help improve efficiency and reduce risk
We are dedicated to an Unmatched Client Experience® to provide tailored services and to prioritize collaboration by listening to your needs. That’s our genuine commitment to helping you drive your business forward.
