Coca-Cola Amatil is using data analytics to put the fizz into risk management.
CCA’s Chief Risk Officer Andrew Wearne and Group Manager, Risk & Audit, David Ogier are making a joint presentation to the Risk Management Institution of Australasia’s annual conference in Adelaide next month.
They will outline how the beverage manufacturer is “reformulating” risk management by using data analytics in three major areas — key risk indicator (KRI) reporting; internal audit; and fraud identification.
Mr Wearne said his risk management team was able to “crunch data” to measure risk across a range of KRIs, for example, out-of-stock numbers and on-time deliveries.
Using data analytics was more advanced than traditional risk registers and provided far more accurate risk assessments, enabling the risk & audit team to have commercial discussions across the business.
Using data analytics in internal audit is “new age” and Mr Wearne says its use is very limited in many companies. Technology is enabling CCA’s risk & audit team to test 100% of transactions in targeted audits.
CCA is combating fraud by using data analytics software to test fraud parameters. “We run batch testing weekly,” Mr Wearne said. For example, CCA can detect fraudulent use of corporate credit cards.
Data analytics is providing solid results for the beverage manufacturer. “It adds value and we save money,” Mr Wearne said.
He and Mr Ogier will outline the CCA achievements in detail at the RMIA Annual Conference at the Adelaide Oval on 11-13 November 2015. This year’s theme is ‘kicking goals in risk management’. For more information, click here.