The Misconduct Resilient Organisation
The path to becoming resilient to misconduct within your organisation.
Financial crime, fraud, bribery and corruption create reputational risk and require organisations to respond rapidly. How can your organisation become resilient to misconduct? When such incidents occur, an often typical response is to implement more controls and to set up new standards and internal rules. In a changing world how can technology be used to identify misconduct as it occurs?
- Organisations need to become resilient to misconduct, i.e. a ‘Misconduct Resilient Organisation’ (MRO)
- MROs use advanced technologies and analytical capabilities to focus on real-time monitoring and just-in-time intervention.
- They use a combination of systems, processes and culture that allows them to detect misconduct and to swiftly respond before the organisation is adversely affected.
- Leading organisations use data analytical capabilities such as machine learning methods to predict the likelihood of misconduct.
- From expense reports to unusual payments and insurance requests, using data analytics to predict and detect irregularities can be more effective than checking samples and applying a large set of controls.
- We discuss how an organisation can become resilient to misconduct and the benefits that can be achieved through this approach.