In an insightful compliance-minded blog, Tom Fox recently discussed how conducting internal investigations can be a laudable best practice when it comes to compliance. From our experience, we know internal investigations have become much easier as a result of cloud-based analysis solutions where transaction data can be uploaded for best practices analysis using a variety of artificial intelligence techniques.
There are fewer excuses for organizations to fail to conduct internal investigations. The easiest approach is to begin by analyzing transactions in order to identify anomalies indicative of unexpected transactions. The unexpected transactions may only be errors, but they could also be the loose threads indicative of fraud, waste, or abuse.
Data analysis is a powerful way to conduct an initial assessment and determine where further reviews should take place. In the case of the U.S. Navy example that Fox notes, they could have uploaded the contractor data to a cloud-based data analysis provider for one of these initial assessments. These solutions are powerful and inexpensive and would likely have cost less than $15,000 for an initial assessment.