Fraud analytics – Building governance intelligence by enabling early detection
By Deepjee Singhal & Manish Pipalia, Co-founders, Sama Audit Systems & Software Pvt. Ltd.
Every year, organisations lose an estimated 5% of their annual revenue to occupational fraud, according to the Association of Certified Fraud Examiners (ACFE). In India, the challenge is equally compelling. The Reserve Bank of India’s Annual Report found that 89.2% of the value of frauds reported by banks in FY2023–24 related to frauds that had actually occurred in previous financial years, highlighting a significant gap between the occurrence of fraud and its detection. Organisations that deploy proactive data monitoring and analytics consistently detect fraud earlier and experience significantly lower losses than those relying solely on traditional control mechanisms.
Every invoice approved, purchase order released, journal entry posted, vendor onboarded, payroll processed and user access modified leaves behind a digital footprint. Modern enterprises generate millions of transactional records every day across ERP platforms, cloud applications and automated...
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