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Continuous Monitoring as a tool for Fraud Detection

Continuous Monitoring as a tool for Fraud Detection. Anton Bouwer CQS Technology Holdings antonb@cqs.co.za. The Market. Agenda. Fraud Detection Defined. Fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent.

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Continuous Monitoring as a tool for Fraud Detection

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  1. Continuous Monitoring as a tool for Fraud Detection Anton Bouwer CQS Technology Holdings antonb@cqs.co.za

  2. The Market

  3. Agenda

  4. Fraud Detection Defined Fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. . Wikipedia – 2011 "… any illegal act characterized by deceit, concealment, or violation of trust. These acts are not dependent upon the threat of violence or physical force. Frauds are perpetrated by parties and organizations to obtain money, property, or services; to avoid payment or loss of services; or to secure personal or business advantage.“ Institute of Internal Auditors’ International Professional Practices Framework (IPPF) Data analysis technology enables auditors and fraud examiners to analyze an organization’s business data to gain insight into how well internal controls are operating and to identify transactions that indicate fraudulent activity or the heightened risk of fraud. Data analysis can be applied to just about anywhere in an organization where electronic transactions are recorded and stored. ACL - 2011

  5. IPPF Standards The International Professional Practices Framework (IPPF) contains the following Standards on fraud and internal audit’s role: 1200 – Proficiency and Due Professional Care 1220 – Due Professional Care 2060 – Reporting to Senior Management and the Board 2120 – Risk Management 2210 – Engagement Objectives

  6. Kiss

  7. Software Solutions for Financial Integrity and Control

  8. Fable: Programming knowledge required Software Solutions for Financial Integrity and Control

  9. Software Solutions for Financial Integrity and Control

  10. Fable: Difficult to identify forensic analytics

  11. Types of Analytics in all areas Don’t complicate matters!! SoD Adherence to control objectives Accuracy Completeness (over & under) Data Quality Industry specific Software Solutions for Financial Integrity and Control

  12. Keep it Simple: Can you explain your findings?

  13. Analytic Repositories

  14. Fable: Difficult to implement, automate & maintain Exceptions distributed via web-based viewer Apply proven analytics • Centralized Investigation Management • Engagement & Content Management • Automation • Analytic Processing SQL ACL Enterprise Data Manage All Types of ForensicContent ERP Audio Excel Word Projects Analytics Business Stakeholders PowerPoint D/B Interface Connections from AX Core Results Data PDF Crystal Reports ACL Specialist Forensic Investigators

  15. Continuous SAP Fraud Detection Case Study

  16. Client Environment & Requirements • SAP in different countries • Needed standardised analytics for all investigators • Automated data downloads to central repository • Exception management through workflow

  17. Solution – ACL SAP ACLelerator Software Solutions for Financial Integrity and Control

  18. Data Repository Encrypted and compressed ERP ERP ERP ERP ERP ERP ERP Download from 6 countries AX server in SA and Europe AX Link download of SAP tables Software Solutions for Financial Integrity and Control

  19. Schedule data downloads and SAP accelerator Software Solutions for Financial Integrity and Control

  20. Email forensic investigator when exceptions are ready for review Email management link to findings Software Solutions for Financial Integrity and Control

  21. Software Solutions for Financial Integrity and Control

  22. Continuous Monitoring Final Solution: Frontend Used by: Forensic Investigators Internal Audit External Audit Management

  23. Running Ad-Hoc Investigations Running any Analytic on Request Running Analytics with parameters View results Filter source data Download results

  24. Benefits • Data available to entire forensic team • Data accuracy and analytic quality assured + standardised • Forensic skills applied on exceptions, not samples • Business knowledge & understanding increased • Same data used by forensic team, internal audit, external audit and management • Duplicated payments identified before payment takes place • Exceptions management enforced through workflow

  25. ACLerator Business Integrity, Insight and Beyond

  26. Conclusion • Continuous monitoring is a reality. No fable. • Forensic skills needed; in fact required for CM to succeed • Data access – No mystery; only commitment needed. • Which analytics to include? Large repositories exist, simple framework • High levels of programming skills required to start? No; cut, paste & map will do. • Technology exist. Much lower investment required than before • FACT: In 5 years very few forensic departments will function without continuous monitoring.

  27. Questions at Stand 14

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