Abstract: in the era of big data, companies face the challenge of how effectively they can use data analysis in order to protect their interests, mitigate financial risks and optimize business operations, as well as stipulate business development. Technology is advancing at a rapid pace impacting many industries including accounting and auditing industries. Technological development has enabled implementation of automated accounting systems that make it possible for firms to shift from traditional accounting to automated accounting.
Majority of recent regulations and law enforcement initiatives mainly focus on mitigating financial crime threats, but they also increase the total costs of the company. Additional investments needed in hardware, software, and costs associated with employees to be compliant with regulatory are tremendous. Faced with such challenges, many companies have invested in enhancing their internal controls over financial crime, for instance, turned to automation, so-called data analysis, which offers enormous potential to improve the efficiency and efficacy of financial crime-related operations. The article presents basic methodology of data analysis, its benefits, as well as tools used in data analysis, including risk assessment. The article offers the possibility of improving data analysis.
Keywords: data analysis, big data, investigations, fraud, mitigating, financial crime, compliance