Grant Thornton launches fraudrisk.x – a new technology to streamline fraud risk assessments

 

CHICAGO — Grant Thornton LLP, one of America’s largest audit, tax and advisory firms, has introduced fraudrisk.x, a new technology that will allow Grant Thornton’s professionals to more quickly and effectively conduct comprehensive fraud risk assessments for clients.

 

Grant Thornton’s fraudrisk.x technology arrives at a time when businesses have seen an across-the-board increase in fraud tied to the pandemic. According to research from Grant Thornton and the Association of Certified Fraud Examiners, organizations are losing five percent of their annual revenues to fraud. This makes it more important than ever for them to conduct meaningful and comprehensive fraud risk assessments, and take action to manage risks.

 

Still, too many businesses rely on one-and-done light-touch fraud risk assessments, often little more than a survey or interview using a handful of cookie-cutter questions. But, in the real world, fraud is pervasive and varied, coming from a variety of perpetrators both within an organization and outside of it, driven to exploit any weakness in an organization’s systems of controls.

 

That’s where fraudrisk.x comes in. It allows Grant Thornton’s professionals to amass and analyze a wide-ranging cross section of fraud risks factors for clients, using powerful data collection tools and automated workflows, built on a software-as-a-service platform. These technologies are backed by the firm’s phased risk-assessment process: discover; map; design and implement; and report.

 

Grant Thornton’s fraudrisk.x technology leverages the firm’s library of more than 1,000 external and internal fraud-schemes — from longstanding gambits such as expense-reimbursement fraud to emerging plots such as deep-fake identity theft. This one-of-a-kind database ― combined with the powerful technology behind fraudrisk.x — allows Grant Thornton’s professionals to make effective fraud- and risk-reduction recommendations to clients, including actionable insights that conclude with a comprehensive assessment of how to manage fraud risks. Moreover, fraudrisk.x allows Grant Thornton’s professionals to work with unmatched efficiency, saving clients time and money.


“A best-in-class fraud risk assessment provides businesses with a clear path to mitigation, monitoring and reporting ― but this can be time intensive and expensive,” said Zach Snickles, a partner in the Fraud and Forensic Advisory Services practice at Grant Thornton. “Our fraudrisk.x technology helps clients overcome this hurdle: They save time and resources, while also gaining a more complete understanding of their risk universe, now and moving forward.”

 

Grant Thornton developed fraudrisk.x using its alyx® digital platform. The alyx platform is a concierge-enabled system that pairs subject-matter specialists, such as certified public accountants and certified fraud examiners, with technologists in areas that include intelligent automation, data extraction, data cleansing, analytics and blockchain.

 

To learn more about Grant Thornton’s Advisory services, visit www.grantthornton.com/services/advisory-services

 

 

About Grant Thornton

Grant Thornton” is the brand for two professional-services entities: Grant Thornton LLP, a licensed, certified public accounting (CPA) firm that provides audit and assurance services ― and Grant Thornton Advisors LLC (not a licensed CPA firm), which exclusively provides non-attest offerings, including tax and advisory services. With revenues of $2.4 billion for the fiscal year that ended July 31, 2023, and dozens of offices nationwide, Grant Thornton represents a community of more than 9,000 problem solvers, relationship builders, and industry specialists who know that how we serve matters as much as what we do.

 

Grant Thornton LLP, Grant Thornton Advisors LLC and their respective subsidiaries operate as an alternative practice structure (APS). The APS conforms with applicable laws, regulations and professional standards, including those from the American Institute of Certified Public Accountants.

 

Grant Thornton LLP and Grant Thornton Advisors LLC serve as the U.S. member firms of the Grant Thornton International Ltd (GTIL) network. GTIL and its member firms are not a worldwide partnership and all member firms are separate legal entities. Member firms deliver all services; GTIL does not provide services to clients.

 

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