Content thumbnail Shifting into High Gear: Mitigating Risks and Demonstrating Returns

Making the business case for FDA to management Our survey reveals that organizational reluctance to invest significantly in FDA is partly due to lack of management buy-in around its potential return on investment. Respondents believe they need to be better equipped to articulate the business case of FDA to management: 68% say they need to improve management’s awareness of the benefits of FDA in their anti-fraud programs. “ [We need to] … educate management on what constitutes adequate funding. It’s not Business context just about support from management; they must recognize the need to invest in of FDA improving our fraud investigation capabilities.” Head of Compliance, Banking and Capital Markets, Singapore When articulating the business value of FDA, the conversation needs to This finding highlights a discrepancy between perception and practice. In our survey, focus on the full spectrum of business we found that senior management has an increased sense of urgency to adopt FDA, yet value and stakeholder beneficiaries. respondents also cite the need to educate this group on the need for sufficient investment. Below are common use cases: We believe the gap between perception (that management can see the need for FDA) and practice (their reluctance to fund it) can stem from the lack of awareness of the full Regulatory and litigation spectrum of risk management benefits that FDA can deliver. response 1 Figure 11: Growing need for management’s awareness Internal or cyber-breach 68% investigations 2 62% — 2014 3 Surveillance analytics Internal and external 18% 4audit support 13% Agree Neither agree nor disagree Disagree ▀ ▀ ▀ Industry-specific fraud and compliance Q. To what extent do you agree that “We need to improve management’s awareness of the benefits 5risk management of FDA in the company’s anti-fraud program”? All respondents (665) The “Don’t know” percentages have been omitted to allow better comparison among the responses given. 22 | Global Forensic Data Analytics Survey 2016

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