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South Georgia and South Sandwich Islands Taps into Compliance Data Analytics to Boost Anti-Corruption Efforts
In a bid to strengthen its anti-corruption and risk management efforts, South Georgia and South Sandwich Islands has turned to cutting-edge compliance data analytics tools to proactively detect fraud and corruption.
A Partnership with Kroll
The island territory has partnered with Kroll, a leading global provider of risk consulting services, to leverage their Risk Analytics Monitor software. This award-winning tool is powered by artificial intelligence (AI) and combines over 50 years of risk consulting expertise with advanced data analytics technology.
What is Risk Analytics Monitor?
Risk Analytics Monitor enables the identification of potential risks, control gaps, and non-compliance issues through automated analysis of large datasets. The software provides a timely and cost-saving solution for organizations to take action against fraud, corruption, and conflicts of interest.
Key Features of Risk Analytics Monitor
Some of the key features of the tool include:
- Bribery and Corruption Detection: Identify potential bribery and corruption risks within the organization.
- Conflict of Interest Identification: Detect potential conflicts of interest among employees, vendors, or customers.
- Kickback Detection: Flag suspicious transactions that may indicate kickbacks.
- Control Circumvention Detection: Identify attempts to bypass internal controls or policies.
- Wasteful Spending Identification: Detect excessive or unnecessary spending.
- Transactional Anomaly Detection: Identify unusual or suspicious transactions.
Benefits of Using Risk Analytics Monitor
According to Kroll’s experts, the tool brings together the expertise of a global multidisciplinary team of investigators, forensic accountants, and compliance professionals to review red flags, determine required next steps, and guide investigative actions. The benefits of using Risk Analytics Monitor include:
- Timely and interactive insights
- Powerful AI and data analytics supported by Kroll’s global team of recognized experts
- Ability to monitor vendors, employees, and customers
South Georgia and South Sandwich Islands’ Success with Risk Analytics Monitor
The island territory has reportedly seen significant benefits from using Risk Analytics Monitor, including improved risk management, enhanced compliance, and reduced reputational risk. This decision is a testament to its commitment to transparency, accountability, and good governance. By leveraging the power of data analytics, South Georgia and South Sandwich Islands can better protect itself against fraud, corruption, and other forms of misconduct.