Industries & Solutions

Find out more about our solutions for YOUR industry

Auditors

An auditor’s task is to express an opinion on the veracity of claims made by management in their financial statements. Make the quality of your opinion air-tight and put your data to work for you. You can enhance the usefulness of your data by making the hidden knowledge within it come to life. Abnormal traits and peculiar characteristics in data speak volumes to a good auditor’s senses. WizSoft’s text and data mining tools reveal and separate the norms and the deviations which are key factors for successfully evaluating everything from mistakes and miscalculations to misappropriation and fraud. As an auditor

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IT

IT audit tools must include data mining software along with data analysis software. Data mining is the process of extracting knowledge hidden in large volumes of data. The data mining tools look for trends, patterns and anomalies without knowledge of meaning of the data. WizSoft data mining and text mining software helps the auditor drill through the entire data sets giving better audit coverage eliminating risk. Data mining software will increase the integrity of your internal control environment.

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Healthcare

Healthcare auditors / fraud investigators are prime candidates for using data mining software tools in their work. WizRule, WizWhy, and WizSame should be used in investigations involving dental claims, workers compensation claims, disability claims, prescription plan claims and long term health care claims. Here is a list of applications that should gather the attention of the audit selection maker: Patient substitutions Over-utilization of specific diagnoses inconsistent with the patient population Excessive number of patients traveling great distances to a provider (could indicate provider utilizing a postal drop site) Provider open seven days a week for disproportionate number of non-emergency procedures (could indicate provider is

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Financial

Utilization of data mining software products such as WizRule, WizWhy and WizSame can assist financial auditors to discover symptoms of fraud, expose suspected errors, reveal duplicate records based on user’s criteria and explain interesting phenomena in the data.

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Insurance

Special investigation units and auditing departments of insurance companies will benefit from WizSoft data mining and text mining software tools – WizRule, WizWhy, WizSame, WizDoc, in investigations involving the following applications: Worker Compensation Fraud – Some businesses illegally try to avoid paying full state-required workers compensation premiums. One scheme involves paying workers off the books because the number of employees is a factor in determining a business’s premiums. Another scheme involves misclassifying employees in high-risk jobs as holding lower-risk jobs. Auto Insurance – Underwriting Fraud: Dishonest drivers try to lower auto premiums by lying on their insurance application or renewal. For example: Registering their vehicles

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Government

States Comptroller Offices, Federal Agencies, Office of the Deputy Inspector General and States Agencies may benefit from utilization of WizSoft data mining software tools – WizRule, WizSame, WizWhy. Following are some examples of applications where these tools can be used: Travel / Payroll: invalid travel receipts, duplicate payroll checks, separated employees, excessive overtime fraud, travel fund embezzlement Assets Misappropriation: excess inventory, treasury checks Multiple Subcontractors: excessive numbers of subcontractors working on a contract, individuals listed as employees of more than one subcontractor, subcontracting companies that are not legitimate businesses

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