When you're doing business in 100 countries with operations in more than 50 markets worldwide, being able to find, monitor and eliminate corruption, fraud and money laundering can be incredibly complicated.
To start, you have to collect and analyze an immense amount of data from your accounting and compliance systems. It takes even more investigation and resources to detect and prevent misconduct before it happens.
With our advanced data analytics platform, BrewRIGHT, AB InBev uses machine learning and artificial intelligence to identify patterns in our everyday transactions to identify and root out corruption, helping ensure we operate in a way that is ethically responsible across our company and the world.
After five years of development, BrewRight launched in 2015 to much acclaim, earning industry awards, a Harvard Business Review case study, and most recently multiple write-ups in the Wall Street Journal and a profile on Business Insider.
What's causing all the buzz? Most likely how rare it is to use machine learning or artificial intelligence to fight fraud. A 2019 survey from the Association of Certified Fraud Examiners found that just 13 percent of the companies do. Now other companies are taking notice and want to join in the fight for transparency and against corruption.
At the 2020 annual meeting of the World Economic Forum, AB InBev CEO Carlos Brito along with leaders from Microsoft, called on other CEOs and world leaders to join the first anti-corruption data analytics consortium, based on the BrewRIGHT platform. The consortium will help participants better detect corruption and protect against it without revealing underlying company data.
“With technology comes new ways to prevent fraud and corruption. As part of our commitment to the UN Sustainable Development Goals, this idea is born from our belief that collaboration brings better solutions and accelerates impact,” commented John Blood, Chief Legal & Corporate Affairs Officer for AB InBev. “
Together with our partners, we look forward to what's next for BrewRIGHT as it helps pave the way for a new generation of technology-driven corporate compliance.