data

With new technologies come great opportunities

New technologies have changed many aspects of the way any business operates today and this change occurred very fast. In today's world, in an ever-evolving commercial and social landscape, Businesses need to anticipate technological change and adapt to it in a very short time. This applies to all areas.

Technology has continued to become a more integrated component of virtually every business process over time, so it is not surprising that its use was a point of reference rather than a point of emphasis in this guidance. This is changing.

A fraud risk assessment is an essential element of an organization’s fight against fraud.
Identifying and monitoring fraud and non-compliance is critical for every organization. In addition to monetary loss, your organization’s reputation and trust are at risk. Data science and machine learning solutions can help companies stay ahead of ever-evolving fraud risks to proactively mitigate active threats.

There are three ways data analytics support the fraud risk assessment:

Identification. Data analytics can be used to look for anomalies or red flags that indicate potential fraud risk schemes and identify high-risk areas for inclusion in the fraud risk assessment.

Validation. Analytics can validate the identification of high-risk schemes, evaluate the accuracy of risk assessment process findings, and indicate the need for additional procedures.

Monitoring. Tests and tools can be developed to continuously monitor high-risk schemes and behaviors, aid in assessing the effectiveness of the fraud action plan, and provide proactive alerts for possible exceptions and violations on an ongoing basis.
(Source: https://www.deloitte.com)

Data Today

Data analysis is crucial for today’s business. Data visualization enables decision makers to see analytics presented visually and to identify new patterns. 

Maintaining excellent quality data is essential. Data cleansing or data cleaning is the process of detecting and correcting (or removing) corrupt or inaccurate records from a record set, table, or database and refers to identifying incomplete, incorrect, inaccurate or irrelevant parts of the data and then replacing, modifying, or deleting the dirty or coarse data.

Administratively, incorrect or inconsistent data can lead to false conclusions and misdirected investments on both public and private scales. Data cleansing ensures that the customer data is used in the most productive way. (Source: www.wikipedia.org)

Analytics & Research

Analytics is the discovery, interpretation, and communication of meaningful patterns in data. Especially valuable in areas rich with recorded information, analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance.

Existing data can be a great starting point to help understand where there are gaps of knowledge when reviewing a research brief and to define target groups required for a project.  This information will give you the behaviour  and the base to dive deeper into the drivers of these behaviours. Ultimately, data analytics resources can help give scope while designing a research study and can make defining the universe of required participants for either quantitative or qualitative projects more relevant.

Market research can provide insightful components to these analytics-based segments thus enhancing their value to the organization.  Combining data analysis and research will help validate hypotheses and will open the door for more synergies with customer experience. (Source: www.the-cma.org)

quotes

  • Turn data into information and information into insight.

    Carly Fiorina

  • Don’t just measure. Back it up and break it down.

    Lloyd Tabb
about

About Me

I have been navigating the ever-changing online media landscape for many years and my role as a creative professional carried me through many different markets of the world teaching me substantial insights.

As of today I am able to announce that I have been designated of
Financial Modeling and Valuation Analyst
by the Corporate Finance Institute.


CFI’s Financial Modeling & Valuation Analyst Certification was created for ambitious financial analysts who want to close the skill gap between formal education and becoming a world-class financial analyst — one who’s competent, confident, and poised to advance.

My area of expertise includes Fraud Investigation, Forensic accounting,
Risk Management and Security Analysis.

If you are in search for assistance, please feel free to contact me, by filling out the form below, or by contacting me directly via email at mike@michaelthomaswolff.com.