Big risks, big data — and big decisions for the board

EY Center for Board Matters

No organization is immune from fraud and abuse. In the worst cases, they can decimate companies, irredeemably damage corporate reputation or lead to jail terms.

Organizations should always be on the lookout for more rigorous and effective methods to mitigate risk, and boards play an important oversight role. In the current global business environment, data analytics, technologies and surveillance monitoring techniques are powerful tools to mitigate fraud and corruption, improve corporate decision-making and help gain a competitive edge.

Big data is no longer just a sales and marketing subject for the boardroom. It’s becoming more relevant to an organization’s anticorruption, anti-fraud and cyber risk assessment processes.

In EY’s Global Forensic Data Analytics Survey 2016, involving 665 mid- to large-size companies, cyber breach or insider threat was identified as the top fraud risk concern. Sixty-two percent of respondents agreed that over the past two years, their level of concern regarding these risks had increased. Bribery and corruption risk followed, with 44% noting an increase in concern. Notably, 26% reported that the risk of financial statement fraud had also increased over the past two years.

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