Compliance and Risk Management Through Data Visualisation Technology
Government departments and big business alike have begun the task of migrating their vast accumulations of data sources into accessible platforms (DMP). The idea is to make this information readily available to individuals and departments without having to isolate or reformat the data to suit the situational requirement, i.e. internal compliance and control, risk assessments and fraud investigation.
DetectR data visualisation software can assist in this area by extracting data and VISUALLY TRANSFORMING components of data relevant to a specific investigation. DetectR displays relevant data in one simple Case Management Dashboard. The analyst can also follow their own or NetMap’s analytical pathways that have proved successful in prior investigations. This transforms volumes of disassociated data into understandable, reusable and valuable business intelligence.
The Benefits Are Significant:
- Cost savings, efficiency improvements and revenue generation by uncovering.
- Exceptionally easy monitoring of fraudulent transactions, suspected employee fraud, audits, internal control and risk assessments.
- Process errors, voids or fundamental process errors that have been buried, unnoticed in the pure volume of data.
Fraud and Policy Breach Detection
NetMap can find transactions of interest existing between the millions of data points. The results can be startling. Hidden patterns and relationships become obvious targets for the data analyst to pursue further investigations so that serious breaches policy or fraud can be discovered and addressed before they become terminal.
Audit Analysis & Internal Compliance
NetMap can help audit complex systems and processes for anomalies and inefficiencies. One example; NetMap has proven expertise in identifying a billing problem that would have affected thousands of customers for one telecommunications company. Given the dynamic nature of the industry where new prices, products and promotions are being introduced every week, NetMap was able to catch the fault before it caused reputational damage.
Once a problem has been uncovered it is vitally important to monitor the effectiveness of any remedial actions adopted. These actions may be involved addition training, tightening or revamping of procedures or legal process, using
the results of these initiatives are simply monitored on a periodic basis to ensure that the changes are having the desired effect, you are immediately informed.
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