Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Juan Carlos Venegas - NXD Services


Published on

Juan Carlos Venegas of NXD Services on helping an SME client detecting fraudulent transactions and mitigate their exposure.”

  • Be the first to comment

  • Be the first to like this

Juan Carlos Venegas - NXD Services

  1. 1. Juan Carlos Venegas Forensic accountant, fraud specialist and finance trainer No.1 Provider of Non-Execs to UK SMEs “Helping an SME client detect fraudulent transactions and mitigate their exposure.” Case Study
  2. 2. How I helped an SME client detect fraudulent transactions and mitigate their exposure Juan Carlos Venegas: “I was tasked to carry out a forensic audit due to allegations of fraud within the company and to set up procedures for prevention” Client: “The work Juan Carlos Venegas undertook helped the company detecting „red flags‟ of fraud and a conspiracy to defraud the company hundreds of thousands of pounds. The forensic audit that Juan Carlos Venegas carried out identified and quantified losses of £50,000, but those losses could have been higher without setting up stronger procedures. Now our exposure has been minimised but we continue to implement independent reviews and regular tests of our procedures”
  3. 3. How I helped an SME client detecting fraudulent transactions and mitigate their exposure Main challenges The company had weak internal controls and they lacked an independent review of transactions, proper authorisations, reconciliations and proper closure within a set timeframe Overcoming the challenges I first carried out a forensic audit in order to identify where loss of assets and resources could happen and also to quantify the losses. Then I designed proper internal controls and procedures, training and awareness on fraud for staff so the company could mitigate their exposure to the risk of fraud. What value was your role to them They became more conscious of the risk of fraud and the loss and damage that would represent to the company. They were receptive to the new ideas and to the fact that they were not free from the risk of fraud as they thought.
  4. 4. Profile: Juan Carlos Venegas Juan Carlos is a hands-on individual who takes a proactive approach to the issues that companies face. He applies his knowledge and experience to the individual cases and listened to their clients and their needs. His skills and experience have been developed from what he has observed as a common factor in a number of different companies. And he uses that knowledge and experience in his training for companies worldwide. His competencies:  Fraud prevention and detection  Financial statements analysis and data analysis  Forensic audit and fraud investigations  Budgeting, forecasting, financial management and final accounts
  5. 5. NXD is the No.1 Provider of Non-Execs to UK SMEs  Wanting to grow their business to the next level  Concerned that their business is getting too big to manage  Frustrated with persistent and damaging issues  Facing new types of challenges in the future  Preparing their business for succession or sale  Needing a high quality, independent sounding board NXD non-executives have substantial commercial experience that enables them to act as a seasoned sounding board. They also have the commercial acumen to help you improve your financial performance. Non-exec services include:  Vision, strategy, planning  Fund raising  Succession planning, acquisition & exit  Geographical and product expansion.  Leadership coaching NXD non-executives operate across the full range of industry sectors including: Automotive Business Services Charities & Not For Profit Energy & Chemicals Financial Services Government/Public Sector Healthcare & Pharmaceuticals Industrial Manufacturing ICT/Technology Leisure & Tourism Media/Advertising/PR Property & Construction Retail & Consumer Goods Transport and Logistics Utilities NXD is a network that provides non-executive services to SMEs. Challenges that the NXD non-executives work with business owners to address include:
  6. 6. NXD is a membership organisation of 100 plus business leaders using their experience and skill to help hundreds of businesses across all sectors improve their financial performance. It is a fact that SME’s with non-executive directors consistently outperform their counterparts who don’t have one. NXD will help you find the right non-executive director for your business, the one that will add real value and help take your business on to the next level. Even better, we normally find the person for you free of charge. Contact: 08450 038 213 email: Website: