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Published on : Friday, November 22, 2013
Nearly one-half (41 percent) of business executives lack sufficient resources and critical skills to implement enterprise fraud and misuse management (EFM) in their organization, despite the competitive advantage that a fraud risk management program can provide, according to a new Deloitte survey.
EFM involves the use of analytical technology and services to address fraud at a company-wide level. Survey results indicate that nearly one-half of executive respondents (47 percent) are adopting or evaluating an enterprise view of fraud management. However, executives believe their organization could enhance their ability to prevent or detect fraud through improvement in internal controls (28 percent), fraud awareness training (25 percent) and anti-fraud technology (22 percent).
“A strong fraud risk management plan makes good business sense,” said Donna Epps, partner, Deloitte Financial Advisory Services LLP and national leader of Deloitte’s anti-fraud consulting group. “Organizations should combine their fraud-related activities to create an integrated approach to EFM, which can help them improve detection of criminal activities, meet regulatory obligations and reduce costs.”
Low implementation of Big Data strategies
Only 13 percent of survey respondents say their organization is currently using Big Data analytics, with 23 percent currently assessing and researching their business’ need for a Big Data strategy. Nearly one-fifth of executives (17 percent) report that their companies are not planning implementation at this time.
“Having a strategic plan that incorporates the use of Big Data is key to having an effective enterprise fraud program,” said Samir Hans, principal, Deloitte Financial Advisory Services LLP and leader of Deloitte’s EFM practice for the commercial and public sector industries. “It is important to remember that the education and process toward EFM is a journey, not a sprint.”