Arising Issues in Big Data Forensic Analysis: What Lawyers Need To Know in 2016
Increasingly, it is difficult to process large, complex financial and accounting data sets using traditional methods. Inevitably, this has given rise to the evolution of 'Forensic' Accounting Analytics.
'Big Data', which describes the exponential growth and availability of data created by computing, the Internet, and information technology, has become a popular term in 'forensic' accounting analytics. Increased regulation and greater complexity of business transactions has increased the need for sophisticated and rapid analysis of such large data sets.
In analyzing large structured data sets to detect financial crime, it takes at least three types of expertise in a team: a data analyst, an expert on the processes and internal controls of the corporate areas investigated, and a 'forensic' data specialist who is familiar with patterns of fraudulent behavior.
A recent study from the American Institute of CPAs (AICPA) suggests that CPAs working in the Forensic and Valuation Services (FVS) identify 'Big Data' as the most serious issue they face. This suggests that their priorities have changed significantly over the past few years due to the growing concern over technical issues. Many believe that the future of forensic accounting lies in data analytics.
In the U.S., data is aggregated locally and at state and national scales. Within geographical areas, the accounting data is distinct. However, on larger scales, the data is unpredictable and highly dependent upon various economic conditions. Globally, economic conditions affect the Big Data dramatically. Unless actual data is used, an accounting expert can easily draw inaccurate conclusions about financial data. Worse still, any forensic analysis will only be as good as the data. Hence, it is wise to ensure that all parties clearly understand the origins of the data, the accounting and mathematical manipulations, and statistical results when considering litigation.
In this two-hour LIVE Webcast, a panel of key thought leaders and practitioners assembled by The Knowledge Group will review all the important issues arising in Big Data Forensic Analysis and discuss what lawyers need to know to ensure that the data, analytical methods, and interpretations are correct prior to submitting the results of forensic analysis for litigation.
Key topics include:
- Big Data Forensic: An Overview
- Data Analytics Role in Fraud Detection and Prevention
- Data Analysis: Processes and Challenges
- Bad Data, Incorrect Analysis, and Misinterpretation
- Key Techniques in Auditing and Risk Management
- Best Fraud Control Practices
- Financial Effects of Data Analytics
- Compliance Strategies
- Possible Penalties for Fraudulent Activities
- Compliance and Litigation Risks
Joseph Cheriathundam, Managing Partner
Analytic Matters, LLC
- General Discussion – From Collection to Analysis to Reporting
- Anti-Fraud Example
- Common Tests
- False Positives
- False Claims Act Example
- GSA Schedule Compliance
- Most Favored Customer/Basis of Award
- Pattern Identification
- Drug Distribution Example
- Challenges with Diversion
- Testing Efforts
- Threshold Determinations
Michael Jelen, Director
Berkeley Research Group, LLC
- Tools to “Liberate” Data
- Data Visualization
- Interactive Dashboards
- Facilitated Dialogue Among Stakeholders
- Platform-managed Investigation
- Transition from “Black Box” to “Platform” Investigations
- Routing Data to the Right Experts
- Combining Quantitative and Qualitative
Who Should Attend:
- Certified Fraud Examiners and Other Anti-Fraud Professionals
- Internal and external auditors, CPAs, CAs and Forensic Accountants
- Legal Executives
- Risk Management and Compliance Officers
- Privacy Law Attorneys
- Chief Compliance Officers
- Chief Information Officers
- Computer Forensic Specialists
- Technology Attorneys
- Privacy and Data Security Officers
- Other Related or Interested Professionals
Joseph Cheriathundam, Managing Partner of Analytic Matters LLC, has more than 20 years of data collection, validation, assimilation, analysis, delivery and management experience. He has served clients in both the private and public sectors. Joseph has supported companies and organizations on matters pertaining to the False Claims Act (FCA), anti-fraud consulting, anti-money laundering, market timing, late trading, mergers and acquisitions, and international business compliance. He has worked with clients across industries and locations.
Previously, Joseph led regional/national Data Analytics groups at major dispute consulting firms. In these roles, he provided forensic data analytic services; led all technical aspects of a large number of data projects; developed policies and procedures for data management for all projects and clients; set rules for governance and structure; and determined the tools best suited for each engagement.
Joseph recently earned a certification in Advanced Business Analytics from the Kelley School of Business at Indiana University. He currently serves on the Big Data Committee of the American Bar Association.
Joseph Cheriathundam, Managing Partner of Analytic Matters LLC, has more than 20 years of data collection, validation, assimilation, analysis, delivery …
Michael Jelen is a Director in the Global Investigations and Strategic Intelligence Practice based in London and New York. He has more than 10 years of experience using various tools and programming languages to manage and analyze large quantities of complex data for clients across many different industries.
Whether the need is to improve business insights from Big Data, improve enterprise cyber security, investigate complex and disparate datasets, or build bespoke data management tools, Mr. Jelen fuses business acumen and technology to engineer creative technical solutions to complex business problems.
Mr. Jelen has also testified as an expert witness to matters of data integrity.
Michael Jelen is a Director in the Global Investigations and Strategic Intelligence Practice based in London and New York. He …
Print and review course materials
Method of Presentation:
NASBA Field of Study:
Specialized Knowledge and Applications
NY Category of CLE Credit:
Unlock All The Knowledge and Credit You Need
Leading Provider of Online Continuing Education
It's As Easy as 1, 2, 3
Get Your 1-Year All Access Pass For Only $199
About Analytic Matters, LLC
The professionals at Analytic Matters support companies and organizations on matters involving conflict, change and regulatory compliance. Our mission is to leverage the power of data analytics to provide value to clients. We seek to minimize their costs, reduce their effort, accelerate their activity and enable them to better understand their business. We strive to continuously and completely arm them with the facts and figures they need to make informed decisions and take beneficial actions. Our projects have run the gamut of reactive forensic/litigation services along with proactive projects to optimize key business metrics. Analytic Matters because analytics matter.
About Berkeley Research Group, LLC
Berkeley Research Group is a leading global strategic advisory and expert consulting firm that provides independent advice, data analytics, authoritative studies, expert testimony, investigations, and regulatory and dispute consulting to Fortune 500 corporations, financial institutions, government agencies, major law firms, and regulatory bodies around the world.