Large organizations have complex payment systems. While many are fairly robust, there still exist vulnerabilities owing to multiple systems, human error and even fraud in a dynamic business environment.
Consequently, audit teams need new solutions that go beyond traditional approaches for greater accuracy, objectivity, and timeliness to improve controls and plug costly leakage. They need smart, self-learning solutions that prevent fraud and irregularities from slipping through invoices and expense claims.
WNS Risk and Audit Analytics is an intelligent, cloud-hosted application that better identifies audit targets from transactional data than conventional methods. It enables auditors to address the real concern of blind spots in data, enhance compliance and glean valuable insights.
Leveraging a combination of advanced analytics, Machine Learning (ML), intelligent visualization, and Natural Language Processing (NLP), WNS’ application uncovers risks hidden at the transaction level.
It enables internal auditors to live up to exacting standards with ease and simplicity. At the click of a few buttons, they can customize fields, audit the entire data instead of just random datasets, factor in trends and seasonality, and detect hitherto hidden risks and vulnerabilities.
Some of its distinguishing features include:
Identifying abnormal transactions - Quickly identifies and downloads all abnormal transactions for each expenditure category
Locating deviant spends - Identifies trends and seasonality in different spend categories; this information can be used for budgeting and planning
Preventing approval misuse - Uses digit clustering analysis to identify limit and approval abuses; it helps identify idiosyncratic spends and areas for fraud vulnerabilities
Eliminating duplicate payments - Uses fuzzy logic used to identify duplicate payments
Tracing uncommon causes and people behind spends - Uses ML and NLP to analyze spend justifications, descriptions and comments; the unstructured free text is analyzed to identify abnormalities in purpose, and people responsible for the spend
Underpinned by nearly two decades of F&A experience, domain expertise, and advanced digital and analytics capabilities, WNS Risk and Audit Analytics helps businesses unlock critical insights and mitigate risks. A nimble and non-intrusive solution, it needs no integration with current ERPs or systems, making it easy to deploy quickly. Besides, we offer flexible engagement models tailored to clients’ unique business requirements.
54% of submissions are non-compliant
USD 300,000 worth of duplicate claims
3.5x higher prices paid for non-preferred airlines in 40% of cases
10 employees contributed to 32% of rejected claims
45x average hotel fare paid to a potential fraudulent vendor
20x average fare paid by certain employees for 90% of cab rides
800+ audit targets identified for abnormal spends
USD 44,000 worth of duplicate invoices uncovered
Text analytics revealed unexpected expense themes
Identified recurring invoice values
Uncovered miscategorized and wrongly attributed data through trend analysis and category