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Volume 31, Issue 1

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Tuesday, 05 December 2017 16:11

AI & Data Analytics: The Fraud Mitigation Dream Team

A Powerful Combination That Could Save Organizations Compliance Costs


The advances in technology in recent years have led to an exponential increase in the volume of data collected and stored. How can investigators maximize data analytics to achieve the most effective—and efficient—results for their clients? The answer lies in harnessing the power of AI to augment the capability and capacity of an investigator. 

From paper records and rudimentary analytics tools to artificial intelligence (AI) and complex data analysis, the world of investigative technology has clearly come a long way.

To identify potential risk areas for their clients, forensic investigators have traditionally relied on limited sets of information from their clients and rudimentary analytical tools. While this may have been previously adequate, the complex business environment, management structures and data deluge in today’s organizations have given rise to unconventional data sources that add important correlations to financial data. If these correlations are ignored, there is the potential that forensic investigators may miss opportunities to mitigate instances of fraud for their clients. To further complicate the challenges faced today, this in-depth analysis, across a vast amount of data, needs to be done in a cost-effective manner.