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Today's changing risk environment has set us on a path where the proper use of data analytics and data visualization are becoming critical to any high performing organization. Increasing volumes of data, multiple enterprise data sets, numerous controls and more complex fraud schemes all require the greater use of technology in order to properly analyze all the enterprise data in an effective and efficient manner. Traditional risk identification techniques have worked well in the past but changes must be made to allow an organization's risk team to keep up with the increasing complexity of their organization's electronic footprint.
Data analytics and data visualization are quickly becoming critical components within many risk functions of an organization. The Board, Internal audit, the Controller's office and the C-Suite are all looking for data-driven decisions that are based off of the continuous monitoring and continuous auditing of enterprise data. An organization's risk staff can use mathematical optimization of audit schedules, automatic notification of high-risk data elements and predictive and prescriptive analytics to enhance their ability to reduce corporate risk and drive operational improvement back into the business. These techniques help an organization see, prepare for and adapt to changes within their business environment.
During this sessions, you will see how Tableau can help your organization;
- Perform more audits with less resources
- Identify which entities should be audited and how the audit should be scheduled
- Quickly identify and risk-rank high-risk elements within your organization
- Effectively use all available electronic data and eliminate statistical sampling
- Develop more data-driven actionable insights to reduce overall corporate risk
- Utilize statistical functions such as correlation coefficients and liner regressions to help identify a vendor or employee that may, in the future, perform a high risk act.
Organizations that utilize data analytics and data visualization within their risk functions are able to much more effectively gain insight into business process controls and quickly identify high-risk transactions, vendors or employees from within an increasingly complex data environment. When done right, analytics will allow the risk group to better understand the risk profile of their organization, be able to make better data driven decisions when it comes to risk and provide answers to the Board and the Executive team about not only what is happening within the organization now from a risk perspective but what might happen in the future.