Point of View

Cutting fraud and other risks using real-time visibility

Traditional approaches no longer work in an increasingly complex world

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Companies that rely on traditional on-site audits and periodic policy reviews to manage risk are leaving the door wide open to stiff fines for non-compliance, as well as losses from increasingly sophisticated and fraud. These evolving risks demand a new approach. A combination of remote monitoring, more effective operating models, and analytics can help drive compliance, visibility, and productivity—at less cost than current risk management methodologies.

Businesses face serious conundrums when it comes to growth and risk. They can address wider market opportunities - but that means mastering more regulatory regimes. And they can adopt more sophisticated technologies, but then run into ever-more-clever fraudsters. Sticking to the conventional combination of on-site reviews, periodic audits, and local policies can put a company at serious competitive disadvantage.

There is an easier way. With a clear, end-to-end view of each material process across the enterprise, you can understand current risk levels. Executives get a view of where risk lies and the ways in which decisions made for one function or location will impact the business as a whole. Firms that incorporate remote monitoring and related analytics in their operating models for risk assessment and management achieve much better compliance and coverage at much lower cost.

The quality of internal and external data is crucial for sound risk assessment and subsequent decision-making. It takes the right technologies to gather timely, accurate data, the appropriate operating model to manage that data, and detailed analytics to properly assess and use it.

Remote monitoring and analytics offer powerful countermeasures to threats. Enterprises today can track every part of their operations in real time to spot fraud, non-compliance, bottlenecks, and information gaps. They can then correct these deficiencies quickly and appropriately. Well-targeted technologies combined with an effective operating model form the backbone of an analytics program that drives greater compliance, visibility, and productivity.

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