Big Data has, in recent years, become an ever more important part of how businesses operate in a number of different industries, yet despite this, the banking and finance industry (“FI”) has been slow to fully embrace the multitude of technologies available to them. Thankfully, there are signs that the industry is slowly starting to…
Read MoreInternal auditors urged to look at emerging risks
The IIA (Institute of Internal Auditors) has urged auditors not to be deterred by regulatory reforms, but instead to give extra scrutiny to risk in the areas that will be affected. A report compiled by the IIA found that whilst 66% of internal audit leaders held concerns regarding reputation risk due to faulty communications; only 9% provide…
Read MoreWhy you shouldn’t use Excel for your Data Analytics
Nowadays organisations of all sizes are appreciating the value and importance of big data to a number of different departments within their business, from human resources all the way through to internal audit. But this new-found appreciation for data analytics does not automatically lead to a new-found understanding of just which tools are the best…
Read MoreWho owns your data?
Data ownership is an often overlooked, yet vitally important detail to consider when dealing with data lakes. The sheer amount of data both organisations and individuals across the globe produce, has led some to consider data as a” next natural resource.” But with this new definition comes old questions: Who owns the data in your…
Read MoreFRC calls for more effective use of data analytics in audit
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…
Read MoreReported fraud in 2016 rose 31.5 per cent to £2bn
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…
Read MoreA Year in the Life of an AuditWare Trainer
As 2016 comes to a close, it is perhaps only right that I take the time to look back on the training I have delivered, and all of the enthused delegates I have had the pleasure of meeting. As just one of many IDEA training instructors, I have had the pleasure of training users of…
Read More7 Common Misconceptions About Big Data Analytics
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…
Read MoreApplying Big Data Analytics to Tackle 3 Financial Marketing Challenges
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…
Read More7 Habits of Highly Effective Data Analysis
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…
Read More