Effective data analytics for all three lines of defense
Data analytics offer tremendous opportunities to transform traditional processes for audit, risk management and compliance. They provide unique insights into risks and the effectiveness of controls. They can dramatically improve the effectiveness and efficiency of compliance and assurance activities. They can also be used to continuously monitor business and financial transactions, highlighting issues before they escalate into damaging problems.
But achieving all the potential benefits of data analytics has proved challenging for many organisations, no matter their size or industry. At RSM, we provide assistance specifically designed for professionals working in three major areas:
- Data analytics for internal audit
- Data analytics for risk management and fraud detection
- Data analytics for compliance and controls
RSM’s data analytic services range from the strategic “big picture” to hands-on technical—and from project-oriented implementation services to ongoing support and guidance for complex and comprehensive solutions.
You work side by side with RSM’s highly experienced data analytics consultants who share their deep knowledge and experience and collaborate with your team to help you achieve an effective, sustainable process and valuable results.
Organisations are awash in data. Let RSM help you harness data to your advantage.
CHALLENGES TO EFFECTIVE DATA ANALYTICS
1. Achieving ongoing progress
Many organisations achieve some initial success, but are unable to progress and achieve their expected results.
2. Getting at the right data
Just knowing what data is needed for specific analytic processes is challenging—to say nothing of the many technical issues involved in actually obtaining the right data.
3. Knowing how to apply data analytics to achieve a specific objective
You need skilled, experienced resources to ask the right questions, test and analyze data correctly so you actually achieve your risk, compliance and assurance objectives.
4. Creating a truly sustainable process
Frequently, people leave, taking knowledge with them, and processes thought to be sustainable simply turn out not to be.