Year 2018 will see greater investments in emerging technologies, says EY Fraud Investigation and Dispute Services in its survey report released on ‘how digital transformation is driving advancements in FDA (Forensic Data Analytics ) that can help mitigae fraud and compliance risks faced by businesses, here on Wednesday.
Indian organisations are geared up to adopt emerging technologies such as Artificial Intelligence (63 per cent), Robotics Process Automation (53 per cent), Blockchainand Distributed Ledgers (50 per cent) and User Behavioural Analytics (66 per cent) this year, the report said.
These would assist companies in continuous monitoring, policy adherence, and bolster business transparency. These tools can offer companies the flexibility to create customized risk programs in line with their unique risk profile and culture, it said.
The key India findings in its repot include limited awareness around the use of FDA tools as GDPR (General Data Protection Regulation) compliance aid.
Globally, 42 per cent of the survey respondents believe that data protection and data privacy regulations have a significant impact on the design and use of FDA, but most organizations are still not using it in their GDPR compliance efforts, the report said.
Indian respondents showed limited understanding and readiness toward GDPR compliance; 60 per cent are unfamiliar with the regulation, only 13 per cent have a plan and less than 30 per cent are not using FDA techniques to support GDPR compliance.
Strong governance and effective collaboration is crucial to overcome FDA challenges.
The use of FDA in Indian organizations is steadily rising, with 95 per cent stating that it leads to improved risk assessments, and 98 per cent asserting faster response in investigations.
The report also stated that cross functional collaboration remains challenging with 63 per cent of Indian respondents stating that only some (not all) of the risk management functions collaborate with each other on their FDA efforts.
Strong governance is critical to overcome issues around integrating data sources and co-operation across departments, the report added.