“Getting grant spend and related expenses right is more than just a cost issue, it’s also about protecting the reputation of the organization,” FICO VP for product management, Doug Clare said. “If not done right, an organization risks losing federal grant money and could find itself on the front page of the newspaper for the wrong reasons.” Stanford University chief procurement officer Ben Moreno echoed this point. “We need to protect our eligibility for future grants and our ability to provide a safety net to protect the University against fraud, waste, and abuse by putting the right system in place,” he said.
Pictured (left to right): FICO’s Shalini Raghavan (Senior Director, Product Management) and Tom Traughber (Vice President, Product Engineering) during their presentation, “Rapidly Deliver Contextually-Powered Stream Processing” at FinDEVr 2016 New York.
Falcon Assurance Navigator leverages text analytics, optical character recognition, outlier detection algorithms, and expert rules to give CFOs and CPOs better oversight, monitoring, and control over procurement and discretionary spending. Universities and other institutions receiving Federal grants can use the platform to identify outliers, better prepare for audits, and keep up with the growing transaction volumes that are straining manual review processes. Navigator flags noncompliant expenditures using Federal funds, giving them a higher risk score, and comes with modules for travel and expense reimbursement, procurement, purchasing cards, requisitions and orders, and invoices.
FICO was founded in 1956 and is headquartered in Silicon Valley. The company made its FinDEVr debut at FinDEVr New York 2016 with its presentation, “Rapidly Deliver Contextually-Powered Stream Processing.” Among the recent headlines for FICO include an April announcement that Capgemini would begin providing risk and fraud management technology from FICO through its North American consulting and integration services. Also in April, FICO launched Score Simulator, which shows consumers how financial decisions may potentially affect their credit score, and hired Claus Moldt as its new Chief Information Officer. FICO is a publicly-traded company on the New York Stock Exchange as “FICO.”