HOW TO DETECT FINANCIAL CRIME

Crime, Fraud are Crafty and they will be in such way………SO,

Your accounting system should be more smart and intelligent to detect fraud & financial crime. 

Do you have such smart solution???

You are still operating on Manual system & process???  

IF YES THEN ITS TIME TO CHANGE YOUR INTERNAL WORLD AS OUR EXTERNAL WORLD IS CHANGING SO FAST.

Do Perform finance transformation and change your business model before it is too late and you land up in recovery process. Let’s take look at how we can automate fraud detection with the help of technology. 

So machine leaning has been around for decade and we can take advantage of those to dig big data source and pull output in front of us for decision making. Please note fact that artificial intelligence will not replace sound human decision making. 

In accounting & financial function, below areas can be automated to reduce risk of fraud –

Automate the process of Data collection 

60 to 70% of accounting cycle is of collecting and entering data. This depends on high human intervention. Automate data collection and its entry within few minutes. This will reduce man hours and human intervention.

E.g., - From scan copy of purchase invoice, enter its corresponding Purchase Voucher. This process will support to maintain audit trail and will have authentication during investigation and Transaction recognition fraud can be reduced here.

Automate complex process 

Accounting process which are complex also prone to fraud, error and breakdowns the internal control. We can automate complex process like Valuation, Consolidation, Financial restructuring, Inter company processing etc. This will eliminate the risk for crime intervention, error here.

Detect event by analysis

All decision in accounting & finance function are driven by rules. If you educate AI then it will deep dive into financial big data and present rare event, high amount, Violated transaction summary in front of top management team. You can deploy real time tracking approach in your organisation and compare transactions with standard to detect fraud. Real time alerts on financial crime will improve fraud detection. 

Myakountant Consultant says, “We get lot of inquiries on process automation, how we can help organisation to work more efficient & detect behaviour and so on

And our approach to them always was to Make Finance transformation in your organisation as there are high chances that your current traditional approach will fail”.