Proactive fraud risk assessment and testing Industry: Life sciences Country: European company with operations in Asia-Pacific, Eastern Europe, Middle East, Africa and Latin America The situation: and social network analytics, customized for local languages. A multinational life sciences company sought a global compliance The team also developed standardized data requests and and anti-bribery/anti-corruption monitoring program and wanted extraction templates to facilitate future data analytics processes to leverage the data from its highest-risk markets to proactively and compliance audits. The project enhanced the organization’s identify risks and improve its audit sampling. global monitoring program by integrating multiple structured and How FDA helped: unstructured data sources and designing tests that helped identify The project team collected and analyzed data from various systems potentially improper payments to high-risk vendors, employees of multiple business units in more than 10 countries across the and distributors. Besides fraud detection and process globe. They built tailored dashboards for each market, including improvements, the FDA efforts helped the audit and compliance transaction and vendor risk scoring, comparative customer analysis team save time and money during fieldwork activities. Risk review of distributor management system Industry: Consumer products Country: India The situation: amounting to over 50 million records pertaining to the company’s A leading consumer products company based in India planned India distributors for a period of three years. Detailed risk analyses to perform a risk review of its distributor management system were carried out to identify high-risk distributors along with the in order to identify vulnerabilities in its sales process and develop associated financial implications for the company. Visualization subsequent risk mitigation strategies. dashboards were created to provide senior leadership with complete visibility across all of the distributors. Based on the How FDA helped: outcome of the data analytics performed, the company is The company, working with an outside professional services firm, formulating a risk monitoring and control plan. developed fraud scenarios based on potential rogue transactions. The team analyzed sales transactions and other relevant data Financial statement audit Industry: Media and entertainment Country: Australia The situation: dashboards across the accounts payable (AP) process, including A media and entertainment company needed to better employee-vendor relationships, duplicate payments, segregation of understand the risk of financial loss. duties and delegation of authority. The dashboards gave the company How FDA helped: great visibility over the internal controls and fraud risks by testing 100% The company teamed with a professional services firm to of its AP transactions in a timely fashion. The company ultimately develop a suite of analytics tests and data visualization expanded the FDA deployment to include monitoring of additional processes and risk areas. Global Forensic Data Analytics Survey 2016 | 19