When looking at the reasons for increased investment the survey found responding to growing cybercrime risks and increased regulatory scrutiny were the top drivers at 53 per cent and 43 per cent respectively.
How FDA tools are deployed is also changing. Organisations are taking a more front-foot stance, with 73 per cent of Singaporean, 58 per cent of Australian and 39 per cent of Chinese respondents saying they now invest at least half of their FDA budget on proactive monitoring activities.
Traditionally, organisations turned to advanced FDA tools to help with their reactive investigations. They are now beginning to recognise the indispensable role FDA can play in proactive surveillance, compliance, anti-fraud and corruption and cyber-breach mitigation efforts.
There are some obvious benefits to taking a proactive approach to FDA. The Association of Certified Fraud Examiners' most current Report to the Nations on Occupational Fraud and Abuse showed a 59.7 per cent lower cost per fraud incident for those organisations who were using proactive data analytics compared to those who weren't.
Surveillance monitoring programs utilising FDA can also help organisations strengthen their compliance programs by improving corporate culture and bolstering the confidence of regulators and other stakeholders.
While FDA is gaining traction and beginning to yield return on investment at many organisations across the region others are not reaping the full range of benefits it can offer.
Organisations need to commit and ensure FDA is incorporated as a critical component of their risk management and compliance programs, rather than investing in a piecemeal fashion.
By using current technology capabilities and leading analytics to help focus investigative and compliance monitoring efforts, FDA can be an important enabler of cost reduction in an organisation's anti-fraud and anti-bribery programs.
Yet only 20 per cent of Chinese and 15 per cent of Singaporean respondents are confident they are fully realising the value of FDA in reducing anti-fraud program costs. Even more staggeringly, none of the Australian respondents thought they were. There is clearly still a lot of work to be done here both locally and across the region.
One of the key challenges identified was making the business case for FDA investment. In fact, 80 per cent of respondents in China and 65 per cent in Australia and Singapore agreed there was a need to improve awareness of the benefits of FDA as part of a company's anti-fraud program.
Boards and senior-level management who see FDA's potential but have yet to come to terms with the investment required, need to understand the broad range of value effective deployment of sophisticated data analytics can deliver.
Once this is appreciated, the business case for FDA investment becomes clear and they can join those who are already changing the regime with an analytics revolution.
Rob Locke is EY's Fraud Investigation & Dispute Services (FIDS) Managing Partner for Oceania.
The views expressed in this article are the views of the author, not Ernst & Young.
The article provides general information, does not constitute advice and should not be relied on as such. Professional advice should be sought prior to any action being taken in reliance on any of the information. Liability limited by a scheme approved under Professional Standards Legislation.