EY is a professional services organization, with offices in 150 countries around the world. EY provides risk management services to businesses of all sizes, all across the globe. In this video, Jack Jia, Partner at EY, Hong Kong discusses how the organization is using Tableau to delight clients with fast and effective fraud prevention. With Tableau, EY, Hong Kong has been able to:
- Save clients millions of dollars and prevent reputational risk
- Combine several databases into customized datasets for clients
- Predict fraud and stop it before it happens
Tableau: What key tasks do you achieve with Tableau?
Jack Jia, Partner at EY, Hong Kong: So the ability to be able to predict fraud before it goes big—it's very important.
One of my key tasks is to identify fraud, and either proactively to prevent fraud or investigate a fraud reactively.
Tableau: How does Tableau fit into your day-to-day work?
Mr. Jia: One of the key things I do is I use data. And I need to visualize the data so that I can identify the outliers and potential anomalies to identify the fraud patterns for our clients.
And our clients, they use a lot of different data sources. So Tableau allows us to connect all these different data sources and put it together to come up with customized sets for a client, and the clients really like that.
Tableau gives very useful insight into what's going on, and that's leveraging both the unstructured and structured data. It's something that clients have never seen before.
Tableau: How are your clients using Tableau?
Mr. Jia: For example, when we're trying to look at traders' patterns, information, we were able to identify certain days of trades that were complete outliers from the normal. And from those, we were able to trace them back to the traders' communications on their Blackberrys and text messages, and we will be able to identify potential manipulation, fraudulent activities on those days.
It gives a very useful insight into what's going on, and that's leveraging both the unstructured and structured data. It's something that they've never seen before.
Tableau: Do you have any other examples of cases where you’ve used Tableau?
Mr. Jia: I remember one case, we were trying to look for potential fraudulent insurance agents. And what we found was there were like five dots that were outliers.
And after doing some investigation on those outlier dots, there's a story behind every dot. Quite a few of those agents are now no longer with the company, and indeed they did commit fraudulent acts.
And from there, you know, the clients were very, very pleased, and they were able to save millions of dollars. And most importantly, not just the dollar value, it's the reputational risk that they were able to prevent.
Tableau: How have your customers reacted to using Tableau?
Mr. Jia: One of our key customers are lawyers. They use our Tableau dashboard solutions to interview suspects.
They love the ability to be able to drill down. That empowers them. Instead of asking IT to generate the results every time the suspect answers a question, they have the answers instantly on the dashboards, because they were able to drill down instantly. So the feedback from our lawyer clients is very positive.
Tableau: Are you using Tableau for any metrics other than fraud?
Mr. Jia: We are definitely more than just looking at fraud. We do advisory services in IT. For example, to roll out IT solutions for a client, not just in fraud but also in predicting the sales, cross-sales, and up-sell customers.
So the recent rollout of the R technology within Tableau is very useful for that because now we can embed the predictive aspects into our analysis. Now we can predict which customers are likely to buy or our customer services, or we can use the predictive ability to identify fraud before they even snowball.
Tableau: Is there a specific feature in Tableau that you enjoy?
Mr. Jia: A recent example is we actually used Tableau to predict high growth risk areas—high claim ratios. For example, if you put all the claim ratios on a map, we can identify the hot spots very quickly and go through those locations before they get really bad.
And we really enjoy using Tableau. So it's a lot of fun. So I would say have fun using the tool and you'll discover a lot of new insights that you've never seen before.
The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms.