The survey, Big risks require big data thinking, looked at the use of forensic data analytics (FDA) by finance professionals. It found that 90% of senior executives believe FDA enhances the risk assessment process and 89% think this approach gives the ability to detect potential misconduct which was not previously detectable.

However, EY said that the majority of companies are not working with large enough data volumes, given the size of their corporate revenues, to make FDA effective. Those that did, however, report earlier detection of misconduct (15% more than others) and improved results and recoveries (11% more than others).

Over two thirds of respondents believe that emerging big data technologies can play a key role in fraud prevention and detection, but only 7% are up to speed with specific big data technologies, and only 2% are actually using them.

Paul Walker, partner and head of EY's forensic technology and discovery services, said: ‘While companies may be doing some forms of FDA, many could be missing important opportunities to improve their anti-fraud and anti-bribery efforts.’

The survey revealed that 87% of respondents indicate that regulatory requirements, including anti-corruption laws and recent enforcement trends, are a driving force behind the design and use of FDA, with almost half indicating that these regulatory developments are a top five factor. Bribery and corruption is reported as the top perceived risk at 65%, followed by asset misappropriation and financial misstatement.