Embedding Data Analytics in Fraud Auditing
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- Eugenia Roberts
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1 Embedding Data Analytics in Fraud Auditing KPMG EAST AFRICA
2 Scorecards What is a scorecard? 2015 KPMG Kenya, a registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 1
3 Scorecards What is a scorecard? a statistical record used to measure achievement or progress towards a particular goal Simpler definition? a report that gives information about the status, condition, or success of someone or something Why use a scorecard? Scorecards drive better performance Scorecards implement strategy Scorecards help in better management Scorecards point out what s missing, etc. What's the difference between Scorecards and Dashboards? Scorecards and Dashboards translate strategy into accountability and measure progress KPMG Kenya, a registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 2
4 Fraud Scorecards Start with a population of verified frauds Build a scoring model based on those characteristics Identify specific characteristics, and combinations of characteristics that are common to the frauds 2015 KPMG Kenya, a registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 3
5 Fraud Scorecards Pick up trends Entry times, entry dates, number of transactions, value of transactions, frequently used accounts, Look for control weaknesses Segregation of duties, account priviledges, inherent system flaws, manual processes Categorize Preventive Detective Investigative 2015 KPMG Kenya, a registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 4
6 An individual was acting as a Supervisor last week. She had access to discounts, change prices, etc. This week, IT reassigned the normal role to her, but the Supervisor role was not removed. She can now do both functions. Normal discounts were below 5% and amounts were below KSHS 8,000. She entered and approved excessive discounts for others. In 5 days the company lost KSHS 584, KPMG Kenya, a registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 5
7 The Timeline It takes an average of 342 days to detect a fraud, at which point 89% of all proceeds are unrecoverable. KPMG Forensics Fraud Survey IT reassigns role She realises that she can approve discounts Continues to approve small legitimate discounts (2-5%) Approves a 40% discount Approves a 50% discount Approves a 70% discount 0 1 KSHS 0 2 KSHS 0 3 KSHS 64,000 4 KSHS 192,000 5 KSHS 584, KPMG Kenya, a registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 6
8 Continuous Analysis Escalated to: Audit Departmen t Assigned to: Manager Alert # 1 Segregation of Duties violated. Alert # 2 System Abuse same user creating and approving discounts. Alert # 2 System Abuse Repeating alert Alert # 3 Discount percentage exceeds tolerance Alert # 3 Discount percentage exceeds tolerance. Repeating Alert. Alert # 4 Discount amount exceeds tolerance. IT reassigns role She realises that she can approve discounts Continues to approve small legitimate discounts (2-5%) Approves a 40% discount Approves a 50% discount Approves a 70% discount 0 1 KSHS 0 2 KSHS 0 3 KSHS KHSH 192,000 5 KSHS 584, KPMG Kenya, a registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 7
9 Asking the right questions 2015 KPMG Kenya, a registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 8
10 Asking the right questions Sales Do we have honest people in our employees? Are we selling to the right people? Are our commissions correct? Policies Are policies issued on time? Backdated? Are our policies properly underwritten? Do we check for all approvals? Premiums Are the premiums computed correctly? Are there unexplainable inconsistencies? 2015 KPMG Kenya, a registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 9
11 Asking the right questions Claims Are there claims made outside policy? What supports the claim? Do claim details change over time? Payment Do we pay the right party? Are our payments in line with policy/contracts? How do we compare to our peers? Rebates Are these properly computed? Are there unexplainable inconsistencies? 2015 KPMG Kenya, a registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 10
12 Achieving insights - and knowing what to do with them - is a challenge Q.: What are the biggest challenges your company has faced regarding data analytics specifically? Implementing the right solutions to accurately analyze and interpret the data 1 Rank 3 Rank 2 Rank Identifying the right risk indicators/risk parameters Reacting in a timely fashion to insights as they arise 2015 KPMG Kenya, a registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 11
13 There are some major barriers to overcome Q. : What do you perceive to be the biggest barriers to implementing a data and analytics strategy across the business? Identifying what data to collect Implementing the right solution to accurately analyze and interpret the data 1 Rank 3 Rank 2 Rank Capacity to capture and analyze all data from all areas of the business 2015 KPMG Kenya, a registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 12
14 Data & Analytics Governance People Drive an analytics culture Organizational change management Skill sets for analytical enablement Embedded analytics into core business operations and decisions Process Insight & Decision Technolo gy Data assessment and realignment Information systems Advanced analytics technologies 2015 KPMG Kenya, a registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 13
15 Who uses analytics FUNCTIONS* Data Analytics 2015 KPMG Kenya, a registered partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. 14
16 Questions? KPMG EAST AFRICA
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