FRC calls for more effective use of data analytics in audit

INDUSTRY

Contents 1. A brief history of data analysis 2. How prevalent is data analytics’ use? 3. How can data analytics contribute to audit quality 4. Enhanced audit quality through data analytics The Financial Reporting Council (FRC) has called for audit firms to do more to support the structured roll-out of effective data analytics (“DA”) techniques and…

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Reported fraud in 2016 rose 31.5 per cent to £2bn

INDUSTRY

Reported fraud in the UK reached a five-year high, rising 31.5 per cent on the year to £2bn in 2016. Accountancy and business advisory firm BDO LLP has found that while the total volume of cases reported had fallen from 519 cases in 2015, to 504 in 2016, the average cost had risen 35.4% to £3.9m., with London & the South East and…

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7 Common Misconceptions About Big Data Analytics

INDUSTRY

Big Data has been a buzz word for a little while now, yet there are still several common misconceptions about Big Data, and how exactly Data Analytics works. No matter what industry your business is in, chances are they’re going to be processing a lot of data. Whilst data analytics have already changed how businesses process and…

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Applying Big Data Analytics to Tackle 3 Financial Marketing Challenges

INDUSTRY

Financial Marketers often find themselves having to understand and utilise new technologies in order to reach out to new and existing consumers, even as those consumers’ preferences rapidly change. Embracing Big Data by analysing both internal and external data, structured and unstructured, can help bank and credit union marketers keep pace with the massive changes sweeping across the financial…

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7 Habits of Highly Effective Data Analysis

INDUSTRY

It takes a while to learn highly effective Data Analysis, but developing some good habits can help speed along the process immensely. Some excellent habits to get into include: 1. Value simplicity of analysis over fancy algorithms 2. Value more data sources over more data 3. Value familiar tools over the latest shiny tools 4. Value insight and investment over…

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Dealing with Increasing Governance and Compliance Regulations through IT

INDUSTRY

Governance, risk management and compliance (GRC) are intrinsically and unavoidably linked, with each of the three disciplines creating information of value to the other two. Any fragmentation within this ecosystem can have consequences for businesses that range from inefficiency and unnecessary cost all the way through to outright disaster. As a result, a coordinated, unified and…

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The 3 Most Practical Big Data Use Cases Of 2016

INDUSTRY

Big Data is sexy. Data scientists are the unicorns of the job market right now. Some days, it feels as though we are living right on the edge of some science fiction utopian future. But unicorns and sci-fi aside, for businesses, implementing something like a big data strategy has to be more than sexy: it has…

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How Mature is your Internal Audit Team?

INDUSTRY

Anu Sood asks just how mature is your organisation’s Internal Audit team? The IIA Research Foundation has recently released a global benchmark report that examines the maturity of internal audit departments. Benchmarking the maturity of internal audit departments helps build strategies to develop these departments and reach desired audit-quality levels. The report discusses the following key indicators:…

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Big Data, business analytics to hit $203bn by 2020

INDUSTRY

Last month we reported that Big Data was expected to hit $72bn (£54bn per annum) by 2020. Today we see another, global, report providing some vastly inflated figures: the Big Data and business analytics (BDA) market is predicted to hit $203bn (£159bn) in the year 2020, up from $130.1bn (£102bn) in 2016, according to research firm…

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5 Reasons Your Big Data Strategy Could be Failing

INDUSTRY

Big Data is nothing new. The majority of companies now collect a wealth of information about their customers and processes, leveraging the insights to streamline operations, drive marketing, and ultimately increase profits. The opportunities made available by Big Data are truly astounding. However, many companies are still not seeing a return on their investment in…

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