The Examiner – Insights on Fighting Financial Fraud

My ultramarathon is less than a week away, and I am questioning my sanity every time I think about running 31 miles. I have never run farther than a marathon distance (26.2 miles), and I’ve only done that twice. I have never run a trail race, which contains plenty of hills, roots, mud, and dirt. Plus, I am over 40 years old. Did I train enough, did I put in enough miles, did I run enough hills, and how many mistakes have I made along the way?

Analyzing data is such a great topic. My goal with this post is to provide you with a structured way to tackle your next data analytics project. Although there are many reasons to perform data analytics, you should always focus on the tic-tac-toe method, that is horizontal, vertical and diagonal.

As promised, this blog is a continuation of last week’s topic, data analysis. We will dive into the third tip related to selecting the right tools. Tools have been used for ages to help humans perform complex tasks. From the creation of the wheel that accelerated transportation to the invention of electricity shaping the way we live, tools help us accomplish tasks that otherwise might appear impossible.

In the business world, we create an overwhelming amount of data every day. This data can be extremely useful to us if we know how to convert it into meaningful information. Once you have meaningful information, it can be interpreted, which will allow you to draw conclusions and take actions.

In last week’s blog, I introduced you to Winfrey who wrote a letter of confession to her boss. She covered a lot of territory in the letter, but there were also plenty of gaps. The information in the letter is similar to the story an owner starts putting together when the red flags of fraud begin to reveal themselves.

I wrote this letter to give you a glimpse into the mind of a fraudster. The scenarios, people, and names are fictional.

Dear Jane,

It is with heavy heart that I am writing this letter, but the overwhelming feeling of guilt has been eating at me for the past few years. I am so very sorry for what I am about to tell you and hope that you will find a way to forgive me. I know that it may take some time, but I think you will understand that I was only doing what I had to do.

On Sunday, I completed the Louisiana Marathon in Baton Rouge, which was my second marathon and was much more challenging than my first. I trained harder for this one—I ran more miles and focused on enhancing my pace. My primary goal was to beat my personal record, but I really wanted to run it in less than 4 hours. I was on pace to beat the 4 hour mark through the 19^th mile, but then things started to fall apart.

Dear Santa,

This Saturday when we visited you, my daughter asked you to help all the homeless people find homes this winter. At hearing this, I thought, “What a huge request!” and my heart was overwhelmed with joy and sadness. Joy because my daughter thought of others before herself and sadness because her Christmas wish may never be granted. That was a lot to ask of you!

I am still amazed how quickly 2015 has flown by for me. Not too long ago, I completed the Louisiana Marathon . In fact, I started ramping up my miles to train for next year’s race that is only about a month away. The older I get, the faster time flies. As a child, I remember everything taking a long time—trips in the car, the school year, and even the summer passed slowly. I never felt rushed. It felt like I had plenty of time to do the things I wanted to do. Time had no real meaning to me.

Over the Thanksgiving break, I took my two daughters camping and hunting for diamonds at Arkansas’ Crater of Diamonds State Park. After a six and a half hour drive, we arrived with plenty of time to set up our tent before nightfall. We cooked our dinner over the campfire and roasted marshmallows for s’mores. It was cold the first night—a few degrees below freezing—but we had plenty of blankets to keep warm. The next morning was cold, but the fire helped us stay warm while we cooked real bacon (as opposed to the turkey bacon we have at home), fried eggs, and toast. This meal fueled our bodies for a fun-filled day.