By Rob Starr, Big4.com, Content Manager.
Neil White, IA analytics leader at Deloitte, starts our conversation about the Deloitte Analytics Platform (DAP), one of the latest fraud analysis and analytics solutions on the market today, by sharing the response he noticed when it was first introduced to the intended market of internal auditors recently.
“ I was down at the Institute of Internal Auditors General Audit Management Conference (March 9-11) in Las Vegas where we showcased the DAP tool and technology and the response from the audit professionals there was absolutely fantastic,” he said noting the profession has been looking for cloud based solutions for a multi-tenanted environment.
The DAP provides several different abilities by allowing for greater integration across internal audit, risk management and compliance and allowing internal auditors to make data driven decisions to optimize operations and reduce enterprise wide risks and costs. They can also continuously monitor controls, risks, and indicators with focused attention on performance and not on control effectiveness.
The success of the product so far is understandable; White runs the global internal audit analytics for Deloitte and he’s been working on this particular project for several years.
“Four or five years ago, the firm realized this was an area in the marketplace that we needed to focus on and there was a demand for solutions in this space,” he said adding that the DAP endeavor had afforded him the opportunity to meet with literally hundreds of chief audit executives across the country intersecting in many different industries and government. Through those experiences Deloitte was able to put together a library of best practices that has resulted in the tool in its current form.
White says the previous efforts at building tools in the marketplace had been more or less ad hoc but the philosophy around this new version was about incorporating analytics into every stage of the audit lifecycle . The DAP leverages a library of several hundred indicators such as data attributes that can be generated for each transaction, business process, and/or entity.
The product is a result of a collaboration with the firm’s forensic practice who were developing similar applications for their clients. White elaborates:
“This single platform has a long history behind it. Fraud and Forensic specialists have long been users of advanced analytics. We collaborated with them on a single platform that could look at vast quantities of data and perform complex levels of risk aggregation and quantitative modeling.”
The Deloitte Analytics Platform (DAP) embeds analytics all the way from the planning to the reporting stages of the audit using the library of risk indicators and external data sources to enhance the results.