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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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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




Continuous monitoring as a tool for fraud detection

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


Continuous monitoring as a tool for fraud detection

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




Continuous monitoring as a tool for fraud detection

Fable: Programming knowledge required

Software Solutions for Financial Integrity and Control




Types of analytics in all areas
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


Continuous monitoring as a tool for fraud detection

Keep it Simple: Can you explain your findings?



Continuous monitoring as a tool for fraud detection

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



Client environment requirements
Client Environment & Requirements

  • SAP in different countries

  • Needed standardised analytics for all investigators

  • Automated data downloads to central repository

  • Exception management through workflow


Solution acl sap aclelerator
Solution – ACL SAP ACLelerator

Software Solutions for Financial Integrity and Control


Data repository
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


Continuous monitoring as a tool for fraud detection

Schedule data downloads and SAP accelerator

Software Solutions for Financial Integrity and Control


Continuous monitoring as a tool for fraud detection

Email forensic investigator when exceptions are ready for review

Email management link to findings

Software Solutions for Financial Integrity and Control



Continuous monitoring final solution frontend
Continuous Monitoring Final Solution: Frontend review

Used by:

Forensic Investigators

Internal Audit

External Audit

Management


Running ad hoc investigations
Running Ad-Hoc Investigations review

Running any Analytic on Request

Running Analytics with parameters

View results

Filter source data

Download results


Benefits
Benefits review

  • 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


Aclerator
ACLerator review

Business Integrity, Insight and Beyond


Conclusion
Conclusion review

  • 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.



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