Fraud Investigations

The extent of white collar crime in the last decade has led to intense regulatory scrutiny over financial services operations and risk management systems. Consequently, corporations are clearly aware of the need to investigate, resolve, and report any suspected fraud before it exacerbates and results in financial losses, a decline in public confidence, and loss of shareholder value.

While forensic software is a critical tool to detect and analyze potential fraud, the utilization of enterprise process management software is equally critical to streamlining the physical investigation of suspected illegal activity. Forward-thinking organizations are incorporating the two elements to create a risk-based approach for managing fraud investigations and implementing fraud prevention.

TrackWise Fraud Investigation Solutions

TrackWise software enables financial services organizations to reduce compliance risk by implementing a powerful, web-based, business rules-driven system for managing fraud investigations including bribery, money laundering, kickbacks, corruption, and other sources. TrackWise ensures a comprehensive investigative process by tracking all related investigation tasks as well as any correction actions through completion.

Upon the creation of an investigation record the system automatically assigns the investigation to a given person or group based on pre-determined business rules. Simultaneously, senior management is alerted, enabling a quick and decisive response to take place. TrackWise's workflow engine then drives the investigation process through closure by enforcing all necessary actions, reporting, and management reviews and approvals.

TrackWise establishes accountability through powerful and effective escalations, process driven workflow, automated reporting, and personalized dashboards. All along, the system ensures traceability by implementing a secure audit trail that leaves nothing to chance.

Benefits

• Optimize regulatory compliance by integrating a secure, transparent system to monitor, investigate, and mitigate corporate risk related to fraudulent activities.
• Improve information flow and transparency with real-time reports that provide up to date fraud investigation status.
• Ensure full visibility of investigation details across the organization with powerful dashboards, query capabilities, reminders, and escalations.
• Demonstrate fiduciary responsibility and corporate governance to both investors and the SEC.
• Improve confidence in the accuracy of financial statements and company governance.
• Establish process stability by analyzing investigation team performance via integrated reporting and trending tools.
• Reduce risk through systematic refinement of controls and continuous improvement.
• Improve collaboration between senior management, compliance, and investigation departments based on the ability to designate and enforce clear roles and responsibilities and increase overall visibility.
• Increase vigilance over critical issues with a patented 24/7 business rules engine that enforces action and results and escalate latent investigations.