Risk Management as a Service: Fraud, Waste, & Abuse
SoKat understands how critical it is for federal agencies to prevent fraud as they perform their mission, in order to safeguard taxpayer funds, comply with all protocols and obtain mission success with efficiency and excellence. Manual fraud detection, however, can be a blackhole of time and effort for agency staff. In response, SoKat has built an AI tool to automate fraud detection, customized to each agency’s needs.
Client needed to identify the risk of a grant applicant being subject to an audit due to noncompliance.
SoKat created an AI-based Risk management engine that detected high-risk applicants with greater efficiency and precision by flagging applicants with prior track record of incomplete grant work, fraudulent abuse and/or wastage in their use of allocated funds. More information of this multi-award winning RaaS tool to prevent fraud, waste and abuse can be found here.