Reduce the cost of conducting investigations
REDUCE INVESTIGATION COSTS
Efficiency Reduces Costs
The cost of conducting internal investigations varies widely, depending on the investigation type.
Investigations into FCPA violations have proven to be extremely costly for some well-known companies in the past few years. Avon Products spent more than $345 million over a three-year period on their FCPA investigation and Siemens AG spent more than $1 billion for a global inquiry into payment of bribes to foreign officials to win business.
Employee misconduct investigations are costly, too, when you take into account time spent by internal investigators, HR involvement, audit, corporate counsel, forensics and management involvement. Costs climb further when an investigation requires help from outside counsel or outside investigators or specialists.
Reduce Investigation Costs
Reduce the cost of investigations with a system that enforces an efficient workflow that eliminates needless steps and re-work. i-Sight’s web-based platform is easy to use, resulting in higher adoption rates among users and higher productivity as a result.
The average i-Sight customer reduces investigation costs by up to 30 per cent by managing investigations more efficiently and reducing the time spent on administrative tasks. You’ll save hours of travel time by using i-Sight on your mobile device.
Update cases instantly from the field and the information is immediately available to others working on the case, saving them time as well.
Collaboration with outside counsel and outside investigators and specialists is done in real time, with role-defined access to cases, saving hours of billable time.
The ABC Company receives a hotline tip that Mary, an accounts payable clerk, is processing payments to a shell company she has created. The case is entered into i-Sight and assigned to an internal investigator for follow-up. The investigator gathers information on the case, interviews witnesses, interviews the suspect and enters interview notes, recordings and comments into the case file. Interviews done outside the office are entered from the field, saving travel time.
An external auditor is brought in and provided with access to the case file. She audits the company books and uploads documents and her comments to the case file. Interviews and evidence are immediately accessible to managers overseeing the investigation, as well as the main investigator.
When the investigation is complete, the investigator generates a complete, professional investigation report in under a minute with one click. All the information within the case file is pulled from the case file into an attractive, comprehensive report that includes all the detail necessary to back up the conclusion.
Before i-Sight was implemented, the investigator spent an average of 30 minutes per day traveling back to the office to input case information for an ongoing investigation.
He now saves 10 hours per month in travel time. And instead of spending two hours per week compiling information for investigation reports, he now spends 20 minutes reporting on the same number of investigations, saving 6.5 hours per month. Consultants working on the investigation can input information directly into the case file from wherever they are, saving hours of travel and meeting time, and the corresponding hourly fees.
Investigators save 16.5 hours in administration and travel time per month. If the annual salary of an investigator is $60,000, the company saves $6,187.50 per investigator per year, or 10 per cent of the investigator’s salary, just on administration and travel time alone. Add to that the 20 per cent fewer hours it takes to close a case with i-Sight’s streamlined, efficient workflow, and the cost savings become even more dramatic at $12,000 per investigator.
Aside from the dramatic cost savings resulting from increased efficiency, i-Sight will also save your company money by helping you to avoid regulatory penalties and fines, reducing your liability in employment litigation and providing the information you need for effective incident prevention programs.
“With i-Sight, our investigations proceed more efficiently, our clients get better information and our senior management is better informed.”
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