Are you protected against fraud and theft?
- Does your organization have adequate controls and policies to detect and prevent fraud and theft?
- If fraud or theft is occurring, does your organization have the tools and resources to perform an investigation, quantify losses and offer protection from similar incidents?
Williams-Keepers LLC (WK) can work with you to identify areas of risk and misuse of your organization’s resources. These activities include conducting fraud risk assessments and using advanced fraud data analytics to detect red flags of fraudulent activities.
Can your organization benefit from fraud data analytics?
Put simply, it involves careful examination of financial data and other information to detect red flags that could be indicators of fraudulent activities and identify at-risk circumstances. WK uses a variety of techniques that include pattern recognition, data mining, statistical analysis and anomaly detection to recognize trends and metrics that could otherwise be lost in the mass of information.
A traditional audit is not designed to detect fraud.
The sole purpose of fraud data analytics is to isolate red flags indicative of fraud through 1. the use of detailed review and analysis of complete data sets and 2. financial procedures to promote a greater understanding of how an organization can protect itself against fraudulent activities.
- Do you know your vendors? WK will use data mining to analyze your vendors for red flags. Examples of our analysis include matching employee and vendor information, review of vendor set-up information, identification and assessment of missing key information, duplication of information between vendors, analysis of dormant vendors, and more.
- Do you have controls to prevent fraudulent payments? WK will examine your cash disbursements and identify red flags that correlate with fraudulent activity. Examples of our tests include an analysis of invoice data, internal control avoidance, number anomaly, vendor revenue analysis, vendor takeover schemes, and more.
- Are you confident credit cards are being used appropriately? Employer-issued credit cards offer convenience, but they can also be a major source of fraudulent activities. Our detailed examination of credit card activity can provide confidence that credit cards are used in accordance with company policies.
- Do you have concerns about payroll fraud? WK will analyze your payroll information for potential ghost employees or other fraudulent activity.
Data monitoring/fraud analysis was correlated with the largest reductions in frauds loss and duration.
Yet only 37% of victim organizations implemented these controls.
Source for statistics: The Association of Certified Fraud Examiners’ (ACFE) 2018 Global Fraud Study.
To learn more about WK’s fraud data analytics services, please call (573) 442-6171 or (573) 635-6196 or e-mail firstname.lastname@example.org.