December 18, 2017 10:16

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IT Application to strengthen risk management for Finance sector

09:10 | 12/10/2017

VCN- In order to strengthen risk management for the finance sector, IT application is necessary. The data analysis of IT will provide predictions that help managers to define and develop policies with better forecast and more consistent with growth rate and development of the country.

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it application to strengthen risk management for finance sector Enhancing IT application to better support taxpayers
it application to strengthen risk management for finance sector

Illustrative photo

Sharing with the reporter of Customs Newspaper, Mr. Pham Minh Tuan, General Director of FPT Information System Company said that many fields have applied forecast analysis based on actual data. IT application will help the manager to evaluate and select businesses with a high risk of fraud and other violations.

Based on the actual date, we can detect violations of businesses which escaped. When realizing operating businesses do the same thing will help us pay attention to those businesses. The investigation, supervision and post audit and tax collection of the State will be more effectively implemented than traditional practices.

According to Mr.Tuan, IT needs to be applied to other fields to detect violations by fixing individual business household and online sales. With the large data analysis, the technology system can completely monitor the number of passenger in each day and customers implementing transaction and value of transaction and etc. Thereby, the minimum tax rate will be calculated contributing to increasing State revenues.

Talking about the benefits of applying technology revolution, Mr. Steven Furst, Director of Strategy and Architecture of FPT IS's Public Sector said that Vietnam’s finance sector, especially, tax collection is facing many challenges. These are acts of non-compliance such as business without an invoice, no fixed address registration and no cash payment and etc.

"The traditional methods of risk limitation and import and export security are effectively implemented in the past, but today they do not keep pace with the threats that we face with. Therefore, the Government of Vietnam is making an effort to improve the integration of IT applications into daily data analysis " Mr. Steven Furst said.

According to Mr. Pham Minh Tuan, in order to apply technology for risk management, we have to change the working method and accept the data based on reality. From that actual data, we will select suspicious businesses, then apply the traditional rules to detect if those businesses are really risky or not.

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Besides, in order to strengthen risk management, Mr. Tuan said that the Ministry of Finance needs to establish an expert team. When the computer makes a recommendation, the experts will review, summarize and evaluate information which is correct or incorrect. "Technology will help us control fraud and reduce waste of human resource for false identification and increase customer’s experience as well as help us to allocate human resources more effectively. The data analysis of IT will help us to remove obstacles that previously could not be removed by administrative procedures. The most important thing is that the IT application will help the increase state revenue and etc " Mr. Tuan emphasized.

By Huong Giang/Ngoc Loan