• Identify anomalies and irregularities in large datasets to detect potential fraud, errors, or deviations from established internal controls
• Analyze patterns, trends, and outliers within the data
• Leverage historical data to build predictive models that forecast potential risks or control weaknesses
• Facilitate continuous monitoring of internal controls by automating the analysis of large volumes of data in real-time
• Perform in-depth root cause analysis to understand the underlying factors contributing to control failures

This case revolves around a fraudster that created a false business. Then purchased a medical insurance plan for the business. Then created false employee profiles

Then impersonated those employees.  Then submitted fake claims and went to great lengths to conceal his identity and the fraud

Coordination and collaboration across The Three Lines when managing risks across the organization, including risk interrelationships and dependencies. Benefits include risk awareness, efficiencies, cost savings, timely decision making etc. Challenges include continuous support from executives, frequent regulatory changes, ease of standardization etc.