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Politics
Business Fortune
30 July, 2024
In order to perform more efficient oversight of all federal spending, the Council of the Inspectors General on Integrity and Efficiency (CIGIE) is urging Congress to establish the Pandemic Analytics Center of Excellence (PACE) under the Pandemic Response Accountability Committee (PRAC).
According to CIGIE, the PACE has so far produced "significant results" for the PRAC, which Congress established in 2020 as a component of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to aid in the fight against COVID-19 fraud.
By June 2023, the data platform had assisted over 40 federal law enforcement agencies and Office of Inspector General (OIG) partners with their investigations, resulting in the recovery of over $2.1 billion in embezzled funds.
According to more current estimates, PRAC was able to find approximately $5.4 billion in fraudulent loans through the data platform.
As the Department of Interior's inspector general (IG), CIGIE Chair Mark Lee Greenblatt told Congress last week that data analytics capabilities are effective tools for the office of the inspector general (OIG) to identify and stop fraud, as the PACE has shown. Many OIGs that are smaller lack the resources required to conduct antifraud analytics.
At the Government Oversight Subcommittee on Government Operations and the Federal Workforce hearing on July 23, Greenblatt stated that CIGIE's suggestion is to make this platform accessible to the whole Instagram community.
According to Greenblatt, CIGIE refers to this platform as the Central Analytics and Support Hub, which would mainly assist OIGs in the supervision of covered funds through data analytics and the sharing of data to identify significant risks that cross program and agency boundaries.