According to the latest edition of the Kroll Annual Global Fraud Report, the financial services industry is being most severely hit by fraud in the current economic downturn. Kroll notes that the financial services industry is extremely vulnerable to fraud due to “the reduction in internal controls, pay cuts, reduced revenues, and more.”
Kroll suggests that this fraudulent business behavior may only last as long as the economic crisis itself but organizations must work to bolster their anti-fraud strategies for life and changes after the crisis.
We read this report with much interest and a gleam in our eye. Seems to us that in order to track fraudulent activities like financial mismanagement, theft of assets, financial corruption and the like, these financial services firms should be using tools that can look into business systems and processes, track changes and report on them in real-time. It seems to us that business intelligence solutions, like Spotfire, could help financial services with tracking and combating fraud. In fact, Spotfire’s webcast, “Spotting the Rogue Trader” speaks to the topic. Take a listen…
Bill Peterson
Spotfire Blogging Team
Image Credit: Microsoft Office Clip Art
