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WNS Risk and Audit Analytics WNS Risk and Audit Analytics
Financial Intelligence-in-a-Box (FIAB)

WNS Risk and Audit Analytics

Rewriting the Auditing Rule Book

Large organizations have complex payment systems. While many are fairly robust, there still exist vulnerabilities owing to multiple systems, human error and even fraud in a dynamic business environment.

Consequently, audit teams need new solutions that go beyond traditional approaches for greater accuracy, objectivity, and timeliness to improve controls and plug costly leakage. They need smart, self-learning solutions that prevent fraud and irregularities from slipping through invoices and expense claims.

WNS Risk and Audit Analytics is an intelligent, cloud-hosted application that better identifies audit targets from transactional data than conventional methods. It enables auditors to address the real concern of blind spots in data, enhance compliance and glean valuable insights.

Unlocking Untold Value with WNS Risk and Audit Analytics

Leveraging a combination of advanced analytics, Machine Learning (ML), intelligent visualization, and Natural Language Processing (NLP), WNS’ application uncovers risks hidden at the transaction level.

It enables internal auditors to live up to exacting standards with ease and simplicity. At the click of a few buttons, they can customize fields, audit the entire data instead of just random datasets, factor in trends and seasonality, and detect hitherto hidden risks and vulnerabilities.

Some of its distinguishing features include:

  • Identifying abnormal transactions - Quickly identifies and downloads all abnormal transactions for each expenditure category

  • Locating deviant spends - Identifies trends and seasonality in different spend categories; this information can be used for budgeting and planning

  • Preventing approval misuse - Uses digit clustering analysis to identify limit and approval abuses; it helps identify idiosyncratic spends and areas for fraud vulnerabilities

  • Eliminating duplicate payments - Uses fuzzy logic used to identify duplicate payments

  • Tracing uncommon causes and people behind spends - Uses ML and NLP to analyze spend justifications, descriptions and comments; the unstructured free text is analyzed to identify abnormalities in purpose, and people responsible for the spend

Unlocking-Untold-Value-with-WNS-Risk-and-Audit-Analytics
 
 

WNS Advantage

Underpinned by nearly two decades of F&A experience, domain expertise, and advanced digital and analytics capabilities, WNS’ Risk and Audit Analytics application help businesses unlock critical insights and mitigate risks. A nimble and non-intrusive solution, it needs no integration with current ERPs or systems, making it easy to deploy quickly. Besides, we offer flexible engagement models tailored to clients’ unique business requirements.

 

A Snapshot of Value Delivered

Irregularities, savings potential identified for clients across industries

T&E Audit

T&E audit for leading media and publishing house

  • 54% of submissions are non-compliant

  • USD 300,000 worth of duplicate claims

  • 3.5x higher prices paid for non-preferred airlines in 40% of cases

  • 10 employees contributed to 32% of rejected claims

  • 45x average hotel fare paid to a potential fraudulent vendor

  • 20x average fare paid by certain employees for 90% of cab rides

AP-risk-and-audit-analytics

AP risk and audit analytics for leading APAC airline

  • 800+ audit targets identified for abnormal spends

  • USD 44,000 worth of duplicate invoices uncovered

  • Text analytics revealed unexpected expense themes

  • Identified recurring invoice values

  • Uncovered miscategorized and wrongly attributed data through trend analysis and category