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WC063 – Should you be using data analytics for risk assessments?

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Webclass 63: Replay and PDF
Webclass 63: Take the quiz and get your CPE certificate

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- Webclass 63: Should you be using data analytics for risk assessments?

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Webclass 63: Should you be using data analytics for risk assessments?

admin June 9, 2026

WC063 – Should you be using data analytics for risk assessments?
Webclass 63: Take the quiz and get your CPE certificate
Webclass 63: Should you be using data analytics for risk assessments?

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Question 1 of 11

1. Question

Q1. Which is one of the top 10 reasons for using data analytics for risk assessments?

Suspicious transactions that merit review/ spot audit
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Helping to provide supporting documentation
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Question 2 of 11

2. Question

Q2. Does using data analytics for risk assessments give us insights into far away entities for which we don’t have the budget to visit?

Yes
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No
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Question 3 of 11

3. Question

Q3. Does using data analytics for risk assessments help us to identify unusual trends that could indicate a future issue?

Yes
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No
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Question 4 of 11

4. Question

Q4. Why would we want to import the data incrementally?

Because it will be too heavy for IT to import the entire last two years or so of data every month
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Because then we can see issues in real-time
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Question 5 of 11

5. Question

Q5. Which fields make up the document flow for P2P?

The purchasing document number, the material document number the accounting document number relating to the invoice and the accounting document number relating to the payment.
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The PO date, the GR date, the invoice date and the payment date
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Question 6 of 11

6. Question

Q6. What does Correlation do?

Flags document flows for each test
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Helps us to see the total value of a test result
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Question 7 of 11

7. Question

Q7. How might we create a scoring?

Based on the value or the % value that is found for each test
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Based on the number of tests that a supplier is found in
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Question 8 of 11

8. Question

Q8. What is the problem with considering tests on their own?

One particular test result does not necessary indicate a problem
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If a transaction is identified in a test it must be audited
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Question 9 of 11

9. Question

Q9. Why should we consider the value of the result that is found by a test?

Because if there is a high value for the transaction then the risk is also higher
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Because if the value is high then the transaction is unlikely to be of a high-risk factor
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Question 10 of 11

10. Question

Q10. What is screening?

Running a data set through a large number of tests and flagging transactions or suppliers when they are picked up by the results of those tests
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Checking a transaction for fraud
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Question 11 of 11

11. Question

Q11. What type of noise do we want to avoid when screening?

False positives
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Results that rather relate to fraud
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