Advanced analytics in FICO® Falcon® Assurance Manager monitor 100% of procurement and T&E expenses to eliminate maverick spend and support financial assurance
- FICO® Falcon® Assurance Navigator is now available on AWS.
- FICO® Falcon® Assurance Navigator applies advanced analytics to monitor the entire procure-to-pay lifecycle across procurement, T&E expenses, and purchasing/travel cards, as well as suspicious vendor behaviour.
Today, analytics software firm FICO announced that the latest version of its solution for identifying fraud, waste and abuse in procurement is now available on AWS. FICO® Falcon® Assurance Navigator applies advanced analytics to monitor the entire procure-to-pay lifecycle across procurement, T&E expenses, and purchasing/travel cards, as well as suspicious vendor behaviour.
“In today’s era of greater corporate accountability, it’s absolutely essential for organisations to take a comprehensive and systematic approach to rooting out unauthorised, wasteful or fraudulent spending activity,” said Doug Clare, vice president of product management at FICO. “However, this is hard, because spending is spread across multiple systems. This results in internal audits that are manually intensive and focused on a small subset of transactions. By leveraging advanced analytics and continuous monitoring of all transactions, we help organisations identify far more unusual or incorrect transactions, and give their audit teams the time to focus on transactions and patterns that really need their attention.”
Falcon Assurance Navigator analyses a broad spectrum of transactions, including T&E expenses, purchase requisitions, purchase orders, invoices, payment requests, purchasing and travel cards. The solution applies a risk-based approach that helps organisations adhere to multiple compliance regimes, including in-house policies, government and private grant requirements, and departmental guidelines.
“Falcon Assurance Navigator on AWS combines the power of FICO advanced analytics and the benefits of AWS,” Clare said. “FICO customers now have a lower-cost solution that can dynamically scale to handle challenging swings in transaction volumes as well as high loads during peak usage.”
FICO® Falcon® Assurance Navigator integrates with enterprise procurement and expense management systems including Oracle, PeopleSoft, Jaggaer, and Concur in order to monitor 100 percent of transactions in-line.
FICO® World 2018 runs through April 19 in Miami Beach, Florida. More than 1,000 business leaders from 50+ countries are attending to explore new ideas, technologies and solutions in AI, advanced analytics and decision management.