Winning Ways With Data Analytics

Transcription

1 Winning Ways With Data Analytics Don Sparks, CIA, CISA, CRMA, ARM Vice President Industry Relations Insert Logo Here About This Session: Data analytics has been a part of auditing since the 1970 s, initially to primarily organize and streamline store-audits. Today, many auditing functions struggle to make the dream a reality. Participants will explore real strategies for defining, implementing and maintaining a data analytics program. In this facilitated workshop format, a fully functioning demo version of the IDEA Data Analytics software will be provided to attendees who wish to follow along for hands on learning. (our Help Desk is available to assist) We will cover all aspects of data analysis from importing data files, conducting interrogation and analysis, reporting format options and automating the process to make the routine repeatable and continuous. Attendees do not need to be an IT Auditor or an IDEA user! 1

2 After This Session, Participants Will be Able to: List how to acquire and import data files, conduct interrogation and analysis, and select appropriate reporting format options Describe how to automate the process (scripting) to make the routine repeatable and continuous Identify how a short and longer-term analytics vision can improve staff resourcing and retention Insert Logo Here Data Analytics Defined - Wikipedia 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. Analytics often favors data visualization to communicate insight. Organizations may apply analytics to business data to describe, predict, and improve business performance. Specifically, areas within analytics include predictive analytics, prescriptive analytics, enterprise decision management, retail analytics, store assortment and stockkeeping unit optimization, marketing optimization and marketing mix modeling, web analytics, sales force sizing and optimization, price and promotion modeling, predictive science, credit risk analysis, and fraud analytics. 2

3 Good Data Correct Analysis Data Readily Available Data Speaks For Itself Offender Terminated One Perpetrator Best Practice For All Only One Tool Bad Can t Happen Know Tools, Competencies, Company, Industry! Lessons Learned Nothing Moves Auditors into the Board Room Faster than Finding Undetected Anomalies 3

4 Data Analytics Can be Used to Better Understand and Assess Business Processes CRISP - DM Cross Industry Standard Processes for Data Mining Data Analytics Can Be Used: Annual Strategy Sessions Engagement Planning Monitoring Corrective Action Testing Communicating Results 4

5 Analytics Can Be Used on Anti-Fraud Reviews Controls Testing Looking for Fraud Governance Tone at the Top Ongoing Monitoring Event & Risk Assessment Think like a Fraudster Incident Response Suspected Fraud Data Analytics Can be Used to Investigate Allegations of Wrong-Doing and Fraud Proactive vs. Reactive - Preemptive message of ACFE 5

6 Maturity Index World Class Good Better Average Six Tips for Successful Data Analytics Integration: 1. Start with a high-priority, high-return project 2. Focus on efficiency and effectiveness 3. Communicate 4. Be brief; be thorough; be gone 5. Exercise patience 6. Use the software provider 6

7 This Course Will Follow This Road-Map FAQ s Why do so many professionals use a data analytics tool? The objective is to make your client data look like it all came from one system, standardized, versus all different views from data that do not sit together in the client s ERP. Is it easy to learn? IDEA has multiple built-in help guides and Audimation provides Help Desk support. How do you get the right data? Data requests are prefilled based on audit routines. Does the software handle large data files (records & volume)? IDEA can handle up to 2.1 billion rows and 1 exabyte of physical space. Can you create electronic working papers? IDEA allows auditor editable fields including tickmarks, comments, numbers and dates. How do you reconcile the data back to client records? Built in data mining field statistics for all numeric, date and time data elements. Can routines be made repeatable? Yes, the IDEA software includes an editor that allow you to write or create scripts. 7