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Forestpin Enterprise 2012

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Forestpin re-defines the way you do forensic accounting by running complex computations on millions of records at an unprecedented speed.

Forestpin re-defines the way you do forensic accounting by running complex computations on millions of records at an unprecedented speed.

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  • Change the name of the company
  • Explain a bit about the company, that we developed our software and took a stall at the ACFE conference
  • Page 102
  • Page 193
  • Page 212
  • LakshmanRupasinghe, Chartered Accountant, KAL Rupasinghe & Co
  • Do not explain this slide, Just give an summery that roughly US$ half a million to one and a half million can be lost due to errors, Remind them and connect the US$ 7.5 million to the two quotes on “median of 18 months before a fraud is detected” and “5% loss due to fraud” Ask them where they would fall in the 0.06 – 0.16 spectrumAsk if the calculations are realistic to them, give examples of the 0.06% basically getting a balance SL 60 cents from a bill of SLR 1000.
  • Again connect this to the challenges slides of organizations
  • Ask if the product is useful to them,
  • Change the name of the company
  • Transcript

    • 1. Vajira is a co-founder of the start-up Forestpin. Vajira has over 20 years of IT experience in database design, development and Oracle ERP module implementation. He is also the president of OraApp Solutions, an ORACLE consulting company based out of Orlando Florida. Over the years Vajira has consulted for many large US companies including Transport Authority, GA, Atlanta., Dell Corporation, American Aixel, Trinity industries, Oracle Corporation, Global Home Products, Tupperware Corporation, Trustreet Properties, Harvard Medical Association, JDSU Corporation, Imation 3M, General Electric, Marquette Medical System, Keycorp Investments Services, Member Insurance, Knowles Inc., College of American Pathologists Vajira lives in Orlando Florida with his wife and kids and is an avid chess player, during his teens he has played twice with the current world chess champion Vishvanand Anand and beaten him on both occasions. Vajira holds a degree in Computer Science and Accounting and worked for a number of years in the ORACLE corporation before embarking on a consulting career.
    • 2. A programmer with an accounting and mathematics background, Varuna Jayasiri is a cofounder of the start-up Forestpin Corp. He plays a key role in product design and programming. Varuna has a first class in electronics engineering from the University of Moratuwa and is also a CIMA passed finalist. Prior to forming Forestpin he has worked in the Silicon Valley at Pagebites Inc., a startup formed by ex google directors. He has represented Sri Lanka at International Olympiad in Informatics in USA (Silver) 2003, Greece (Gold) 2004, Mexico (Silver) 2006. His current interests are "Forensic Analytics" and how real-time analytics, statistical methods and machine learning can be used in Forensic Analytics and Fraud detection. Varuna firmly believes that fraud prevention can be programmed by simulating the intelligence of accountants and then running real-time tests against empirical data. He is a holder of US patent "Synchronized processes communicating over a wide area network and method" (US 20110314103 A1). Varuna lives with his wife in Colombo. During his spare time he is does research on Computer Vision at University of Moratuwa, plays tennis and helps coach the national team in programming for the International Olympiad in Informatics.
    • 3. Chethiya Abeysinghe is a co-founder of Forestpin Corp. He has a background in hardcore programming , mathematics, algorithms and enterprise integration. His main role at Forestpin Corp is to program and design the software and build it for different enterprise platforms. Chethiya is an electronics and telecommunication engineering graduate from the University of Moratuwa. Prior to founding Forestpin he worked at WSO2 Inc as a programmer for middleware products. While at WSO2 he was working on-site with Fortune 1000 companies in both Europe and US, providing middleware integration and support. He has represented Sri Lanka at International Olympiad in Informatics (IOI) in South Korea (Bronze) 2002, USA (Bronze) 2003, Greece (Bronze) 2004, Poland (Bronze), Mexico (Bronze) 200 and Croatia (Silver) 2007, and he was one of the youngest medalists in 2002. Moreover, he has won several other programming competitions such as IEEEXtreme and Microsoft Imagine cup. Chetiya firmly believes the changes in processing power due to 64 bit architecture and solid state drives as well as the power of HTML5 will disruptively change the architecture of applications. He is confident that management in the future will not spend time learning software or looking at reports, but expects to find exactly what they want delivered to them in their preferred device. Chethiya lives with his wife in Colombo. During his spare time he loves trying out the latest mobile technologies. He also plays table tennis, hikes and works as a part time trainer for the IOI pool.
    • 4. three transactions up to 15 million transactions
    • 5. 5% 2012 Report To The Nations on Occupational Fraud and Abuse ACFE
    • 6. 24% 2008 Report To The Nation on Occupational Fraud and Abuse ACFE
    • 7. 18 months 2012 Report To The Nations on Occupational Fraud and Abuse ACFE
    • 8. Time spent on doing tests Vs. Analyzing the results.
    • 9. Analyzing a small samples Vs. Analyzing the entire dataset
    • 10. 2012 Report To The Nations on Occupational Fraud and Abuse ACFE
    • 11. limit of $2,500 for any purchase by Credit Card employees purchasing in the $2,400 – 2,499 range with great gusto. Mark J. Nigrini, PhD Author of “Forensic Analytics”
    • 12. 12,000 invoices each for $8.20 each invoice was being processed individually by accounts payable. Mark J. Nigrini, PhD Author of “Forensic Analytics”
    • 13. In datasets of genuine payments the digit distribution is expected to match the Benford’s curve. Spikes in payments below approval level and and other re-curring payments get identified
    • 14. wired $600,000 in error to the bank account of a charity. $600,000 was supposed to have gone to a vendor. Mark J. Nigrini, PhD Author of “Forensic Analytics”
    • 15. Unusually large payment to a vendor will get identified. Top of the bar gives the highest payment. The bottom of the bar gives the average payment size. The scale is logarithmic.
    • 16. Find vendors with payment patterns that are different from the average payment pattern of all vendors. No payments have been made to this vendor for seven months
    • 17. Compare predicted payments against actual payments. Find Vendors with high prediction errors and closely matching curves. Predicted after this point. The pattern (red) has a good match before the point.
    • 18. Identify likely duplicate payments.
    • 19. manipulated receipts from cash sales and hid as cash payments reversed the same day Lakshman Rupasinghe, Chartered Accountant KAL Rupasinghe & Co
    • 20. Find vendors with a high percentage of payment reversals.
    • 21. There were significantly lower losses when the controls had been implemented. Conan C. Albercht, PhD author of “Fraud Examination”
    • 22. Amounts are in US$ Millions Year 1 2 3 4 5 Total Payments 150 165 180 195 210 900 Min. Errors 0.09 0.099 0.108 0.117 0.126 0.54 Max. Errors 0.24 0.264 0.288 0.312 0.336 1.44
    • 23. • Detect fraud, irregularities and inefficiencies • Deterrent effect • Improve the productivity of internal audits • Transparency to C-Level management of every transaction
    • 24. 1656 Lake Rhea Dr. Windermere FL 34786-6055 United States of America www.forestpin.com contact@forestpin.com Phone: Fax: +1-407-461-4436 +1-407-258-8185