Enterprise Risk & Compliance
Internal Control Analytics
Generating Enterprise Risk and Compliance Impact
Undetected financial leakage and compliance breaches are a serious risk to any global enterprise. They can cost a company up to 0.1% of revenues, which can easily amount to multi-million dollars in losses, bad publicity or even the loss of the license to operate in a certain market.
Traditional measures for identifying fraud and errors are inadequate in the face of growing business complexity and regulatory mandates. To address these challenges, Genpact provides Internal Control Analytics (ICA) services that analyse terrabytes of data from disparate sources, provide insights on control KPIs, and highlight fraud and improper transaction red flags.
Genpact designs, transforms and runs ICA solutions to detect and provide analysis of high-risk anomalies in key business transaction. We reimagine transaction monitoring activities by leveraging our Lean DigitalSM approach that harnesses design-thinking methods, Lean principles, digital technologies and analytics, and deep domain expertise.
Genpact delivers ICA through:
- The design and set up of scalable centers of excellence
- Platforms that mine and host data from different sources
- Normalized databases with data mapping
- Complex-logic-driven early identification of transaction exceptions
- Human interventions by risk experts to prioritize exceptions
- Visual dashboards to depict control health and compliance status
Global confectioner identifies and recovers $5 million in duplicate payments
A multinational snack food conglomerate sought our assistance in resolving duplicate payment challenges. Our analysis determined that the root causes were insufficient process and ERP controls, and an inability to handle large data sets coming from multiple and diverse entities.
Genpact used advanced audit analytics and applied a complex set of rules to review three years of vendor master data and payment transaction data to identify potential duplicate vendors and vendor payments. New workflow protocols were introduced to safeguard against future duplicate payments and recover or adjust for prior duplicates totaling $5 million.