In this episode, I visit with QuantaVerse CEO/Founder David McLaughlin on the company’s new tool, the Chief Audit Executive Checkup service, which leverages the QuantaVerse AI Financial Crime Platform to analyze enterprise data and more efficiently and effectively identify insider threats, bribery, corruption, money laundering, fraud, terrorism financing and third-party risks that traditional internal audit investigations routinely miss. The Chief Audit Executive Checkup service identifies anomalous data patterns related to both known and not yet identified financial crime typologies. The Chief Audit Executive Checkup service lets organizations see first-hand how AI analysis can improve their audit processes and outcomes.

We discuss what is new about this offering and how it can assist a CCO to manage many risks: AML, ABC, Cyber, Export, Fraud, Third parties? In ABC cases, the old Watergate maxim of ‘follow the money’ applies because the employees have to get the money from somewhere to pay the bribes and the Chief Audit Executive Checkup service helps a CCO to follow the money. We explore how the Chief Audit Executive Checkup service helps to see down the entire continuum of a transaction; from initial bid to contract signing and how financial anomalies presented to the user in the Chief Audit Executive Checkup service.

Finally, we walk through a fascinating FCPA hypothetical can how the Chief Audit Executive Checkup can help a CCO in the following. A compliance team is tasked to audit an international electronics company’s line of business with a central Asian country, the team would manually review 150 travel and expense reports for anomalies, one month’s worth of core accounting system records of financial transfers to/from the central Asian country, and 30 days of vendor payments as they relate to possible FCPA or other insider threat or corruption risk. The internal audit team might identify 1-2 cases in which employees submitted questionable travel expense reports. Using Chief Audit Executive Checkup, the compliance team could leverage AI to examine thousands of combined data points to holistically screen all LOB data related to central Asian country for known and unknown financial crime red flags truly worthy of their attention.

For more information on Chief Audit Executive Checkup, click here.

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