Audit tools help enhance fraud risk assessments.
Organizations that use predictive analysis tools to monitor data detect fraud sooner and incur far-lower losses than other businesses. In part, this is because they enable internal auditors to perform more effective fraud risk assessments by identifying common fraud schemes and mapping them to internal controls that could mitigate those frauds. Predictive analytics can be particularly effective at identifying related-party relationships, fraudulent vendors, and payroll schemes.
