The Insight Potential of Forensic Data Analytics with Todd Marlin

May 22, 2018

In today’s episode, Tom Fox talks with Todd Marlin, the Americas Leader of Forensic Data Analytics & Financial Services Forensic Technology at Ernst & Young LLP. The two discuss EY’s 2018 Global Forensic Data Analytics Survey and talk about how compliance and corporate professionals can use forensic data analytics to generate insight into a variety of business questions and issues.

• Before jumping into the details of the survey, Tom and Todd talk about what it tells us about the state of forensic data analytics – as well as how and where this approach is being used today. Todd relays his views on the reason for the slow uptake of FDA in various fields and corporate departments and lays out the reasons why executives and boards of directors should be paying close attention to its potential.
• For those who recognize its potential, the field of forensic data analytics is experiencing a sort of gold rush. Todd talks about some examples of how companies who are racing to secure the talent, technologies, and resources required are using this new approach at different scales.
• It all begins with the data. Todd talks about his role at EY and some of the central elements of their forensic data analytics services. From collection to contextualization to communication and operationalization, Todd’s FDA team helps organizations get at the right kind of data and figure out how to use it intelligently.
• Data overflow can be a frustrating reality for compliance professionals in the digital age. Things may begin with the data but the stream is never-ending. Tom asks Todd about some of the best ways to communicate the results of data analysis for those working in different specializations, such as lawyers.
• Without a story, data is just marks on a page. Tom and Todd emphasize the importance of communicating analytic results in a story format and discuss how this can help human actors interpret, contextualize, and make meaning out of complex data sets.
• Breaking down silos is always a challenge for any organization. Tom asks Todd about his thoughts on the collaborative cross-departmental integration of FDA and its potential to minimize errors and maximize efficiency. Todd sketches a picture of all the different moving parts that could potentially be involved in such an endeavor and pinpoints the key considerations to make at each step. He also describes the highlights of a case study from the EY survey about a financial institution that implemented an FDA approach to address a large-scale compliance issue.
• These days, alarm detection and red flagging are no longer enough. While FDA is commonly used as a reactive program, Tom and Todd talk about how companies can use FDA proactively by expanding their usage of machine learning and automated data analysis technologies.
• At the end of the day, if you’re looking to maximize efficiency, FDA insights need to be available at the ground level. Tom asks Todd about the value of integrating FDA into the day-to-day workflow of any organization or company.

Links

Todd Marlin

Ernst & Young’s 2018 Global Forensic Data Analytics Survey

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