Securing board-level support is critical to establishing effective fraud defenses. The factsheet offers tips for approaching the board, including emphasizing the benefits of investment in anti-fraud measures which can outweigh costs, quantifying the true costs of fraud, and demonstrating returns on investment from prevention. Case studies on a city council and SME show significant returns, with the campaign in Stoke-on-Trent identifying more fraud and recovering more properties than estimated.
A crisis can tear an organization down without any plan to combat its effects. Therefore, businesses and companies first and foremost create a crisis management plan that can tackle any nature of crisis; be it a natural disaster or a technical failure. Besides learning how to manage a crisis, the framework of the plan also tests the overall strength and strategic ability of the organization to respond. Equipping a team within the organization with specific crisis management skills will result in a faster and more efficient way to handle a real-time crisis as well as a smooth transition towards recovery.
Deloitte’s risk management philosophy – Risk Intelligence (RI), focuses on maintaining the right balance between risk and reward. Asking the right questions and finding effective answers to them is critical to developing the right risk management capabilities. Most organizations already have a multitude of Enterprise Risk Management (ERM) practices and processes to address risks but the lack of a strategic view to an ERM program, can expose risk management gaps and redundancies and prevent sufficient insight into key risk interdependencies
A crisis can tear an organization down without any plan to combat its effects. Therefore, businesses and companies first and foremost create a crisis management plan that can tackle any nature of crisis; be it a natural disaster or a technical failure. Besides learning how to manage a crisis, the framework of the plan also tests the overall strength and strategic ability of the organization to respond. Equipping a team within the organization with specific crisis management skills will result in a faster and more efficient way to handle a real-time crisis as well as a smooth transition towards recovery.
Deloitte’s risk management philosophy – Risk Intelligence (RI), focuses on maintaining the right balance between risk and reward. Asking the right questions and finding effective answers to them is critical to developing the right risk management capabilities. Most organizations already have a multitude of Enterprise Risk Management (ERM) practices and processes to address risks but the lack of a strategic view to an ERM program, can expose risk management gaps and redundancies and prevent sufficient insight into key risk interdependencies
Even in today’s heavily regulated environment, company oversight organizations may not substantially cover several operational functions important to managing the business’s top-tier risks. In other instances, internal and external oversight groups redundantly monitor business processes. Additionally, simultaneously occurring assessments often burden and may overwhelm the company’s operational staff. Consequently, there exists a need to better align assessment activities with business risks and coordinate audits between oversight groups. StrategyDriven’s Risk Assurance Maps address all of these challenges.
StrategyDriven’s Risk Assurance Maps enable visualization of the relationships between enterprise risks and their associated operational processes. Concurrently, they reveal the degree of oversight applied to these processes and the residual risk remaining based on the outcomes of these assessments and the performance revealed by the organization’s performance measurement system.
To learn more, visit: http://www.strategydriven.com/risk-assurance-maps/
Combining Corporate Governance with Internal Leadershipjobdoctors
Internal Leadership helps competitiveness, profit, and growth. But without a strong Governance program, the company can risk failure and, at a minimum, damage to profits, reputation, and government requirements.
Governance can reduce risk, improve compliance, and provide shareholder and board level continuous monitoring. But without a strong Internal Leadership program, people issues are usually the weak link for governance effectiveness.
That is why we believe Internal Leadership and Corporate Governance are two sides of the same coin for revolutionizing a company’s competitive edge for sustainable growth.
Read this white paper to see how we leverage both solutions to help company growth.
Strategic Planning Society Webinar- Integrating Strategy and Risk ManagementAndrew Smart
• The credit crunch and its subsequent fall-out has rewritten the rules on strategy execution and risk management.
• The balanced scorecard and risk management approaches have evolved as silo processes over approximately 20 years – an approach that integrates both is a natural evolution.
• To effectively streamline management and regulatory reporting, organisations need to adopt an integrated framework, which covers strategy execution, risk management & compliance.
Governance Culture & Incentives- Fundamentals of Operational RiskAndrew Smart
Governance, Culture & Incentives. -Fundamentals of Operational Risk. This presentation provides some practical tools to answer three key questions and create alignment.
Shaping Your Culture via Risk Appetite Andrew Smart
Andrew Smart will briefly explain risk appetite and how it can be linked into the overall strategy and risk management process of an organisation. He will then go on to clarify how Risk Appetite statements work alongside Vision statements; creating the right ‘tone from the top’, and how that can be cascaded through the organisation in the form of Risk Tolerances and KRI's. The webinar will conclude with a demonstration of how to enable and embed change, leveraging your SharePoint investment.
Please contact andrew.smart@stratexsystems.com for more details about the presentation or to have a talk about our software solutions.
Fraud, bribery and corruption: Protecting reputation and valueDavid Graham
In support of International Fraud Awareness Week, Deloitte Risk Advisory has published a series of articles, the second of which has been introduced below. This article lists ten areas that executives and the audit committee should evaluate to help mitigate reputational risks of fraud, bribery and corruption
“Nearly half of all victim organizations do not recover any losses that they suffer due to fraud” according to the 2012 Report to the Nations presented by the Association of Certified Fraud Examiners. Although, there are no statistics that report the total number of entities and the amount defrauded, regardless of size, any organization can become a victim of fraud. Kyle Anne Midkiff’s white paper, Act Now Before it’s Too Late, provides five important steps to help organizations of any size prevent fraud.
Fraud Risk Management | Fraud Risk Assessment - EY IndiaErnst & Young
Check out the edition of fraud risk management & fraud risk assessment understanding the client's organizational structure & business environment. For more details, visit http://bit.ly/1RtohKr.
Fraud Risk Management | Fraud Risk Assessment - EY IndiaNishantSisodiya
Check out the edition of fraud risk management & fraud risk assessment understanding the client's organizational structure & business environment. For more details, visit http://bit.ly/1RtohKr.
Even in today’s heavily regulated environment, company oversight organizations may not substantially cover several operational functions important to managing the business’s top-tier risks. In other instances, internal and external oversight groups redundantly monitor business processes. Additionally, simultaneously occurring assessments often burden and may overwhelm the company’s operational staff. Consequently, there exists a need to better align assessment activities with business risks and coordinate audits between oversight groups. StrategyDriven’s Risk Assurance Maps address all of these challenges.
StrategyDriven’s Risk Assurance Maps enable visualization of the relationships between enterprise risks and their associated operational processes. Concurrently, they reveal the degree of oversight applied to these processes and the residual risk remaining based on the outcomes of these assessments and the performance revealed by the organization’s performance measurement system.
To learn more, visit: http://www.strategydriven.com/risk-assurance-maps/
Combining Corporate Governance with Internal Leadershipjobdoctors
Internal Leadership helps competitiveness, profit, and growth. But without a strong Governance program, the company can risk failure and, at a minimum, damage to profits, reputation, and government requirements.
Governance can reduce risk, improve compliance, and provide shareholder and board level continuous monitoring. But without a strong Internal Leadership program, people issues are usually the weak link for governance effectiveness.
That is why we believe Internal Leadership and Corporate Governance are two sides of the same coin for revolutionizing a company’s competitive edge for sustainable growth.
Read this white paper to see how we leverage both solutions to help company growth.
Strategic Planning Society Webinar- Integrating Strategy and Risk ManagementAndrew Smart
• The credit crunch and its subsequent fall-out has rewritten the rules on strategy execution and risk management.
• The balanced scorecard and risk management approaches have evolved as silo processes over approximately 20 years – an approach that integrates both is a natural evolution.
• To effectively streamline management and regulatory reporting, organisations need to adopt an integrated framework, which covers strategy execution, risk management & compliance.
Governance Culture & Incentives- Fundamentals of Operational RiskAndrew Smart
Governance, Culture & Incentives. -Fundamentals of Operational Risk. This presentation provides some practical tools to answer three key questions and create alignment.
Shaping Your Culture via Risk Appetite Andrew Smart
Andrew Smart will briefly explain risk appetite and how it can be linked into the overall strategy and risk management process of an organisation. He will then go on to clarify how Risk Appetite statements work alongside Vision statements; creating the right ‘tone from the top’, and how that can be cascaded through the organisation in the form of Risk Tolerances and KRI's. The webinar will conclude with a demonstration of how to enable and embed change, leveraging your SharePoint investment.
Please contact andrew.smart@stratexsystems.com for more details about the presentation or to have a talk about our software solutions.
Fraud, bribery and corruption: Protecting reputation and valueDavid Graham
In support of International Fraud Awareness Week, Deloitte Risk Advisory has published a series of articles, the second of which has been introduced below. This article lists ten areas that executives and the audit committee should evaluate to help mitigate reputational risks of fraud, bribery and corruption
“Nearly half of all victim organizations do not recover any losses that they suffer due to fraud” according to the 2012 Report to the Nations presented by the Association of Certified Fraud Examiners. Although, there are no statistics that report the total number of entities and the amount defrauded, regardless of size, any organization can become a victim of fraud. Kyle Anne Midkiff’s white paper, Act Now Before it’s Too Late, provides five important steps to help organizations of any size prevent fraud.
Fraud Risk Management | Fraud Risk Assessment - EY IndiaErnst & Young
Check out the edition of fraud risk management & fraud risk assessment understanding the client's organizational structure & business environment. For more details, visit http://bit.ly/1RtohKr.
Fraud Risk Management | Fraud Risk Assessment - EY IndiaNishantSisodiya
Check out the edition of fraud risk management & fraud risk assessment understanding the client's organizational structure & business environment. For more details, visit http://bit.ly/1RtohKr.
Presented at the MENA-OECD Business Integrity Training, 22-25 April, Kuwait. Organised by the MENA-OECD Investment Programme in cooperation with the IMF-Middle East Center for Economics and Finance
Society of Corporate Compliance and Ethics SCCE 2015 developing an effective ...Craig Taggart MBA
Areas Covered in the Webinar:
Identify fraud risks and the factors that influence them
Analyze existing risk management frameworks and their application to managing fraud risk
Develop and implement the necessary components of a successful fraud risk management program
Identify the elements of a strong ethical corporate culture
Conduct a cost effective fraud risk assessment
Dr haluk f gursel fraud examination rises to distinction article grcj 2010 1_v3_Haluk Ferden Gursel
Global firms are recognizing that the
anti-fraud profession is an important
component of risk measurement and
avoidance. The analysis below
illustrates how recent risk-based
management control systems are
hastening the development of
specialized anti-fraud agents. It is
evident that the increased public
appetite for transparency and enhanced
accountability has also spurred rapid
developments in the anti-fraud
discipline.
On Tuesday, 23 September, MCRB hosted a half-day workshop on “Anti-Corruption Programmes” for Myanmar businesses in Yangon. The workshop, held in collaboration with Spectrum – a Yangon-based sustainable development knowledge network - was the first in a series of events to follow-up on the Transparency in Myanmar Enterprises (TiME) report and build business capacity in the area of anti-corruption and human rights.
PECB Webinar: Aligning ISO 31000 and Management of Risk MethodologyPECB
The webinar covers:
• ISO 31000 as the adopted standard, for ISO standards that have risk components, such as ISO 27005 and OHSAS 18001
• Description of Management of Risk (MoR) – how organizations can benefit
• Complementary values that ISO 31000 and MoR bring to each other
• How Risk Managers can evolve a practical approach to carrying out Risk Processes
Presenter:
This webinar was presented by PECB Trainer Orlando Olumide Odejide, an experienced Enterprise Architect and Chief Trainer for Training Heights Limited.
Fraud Risk Assessment: An Expert’s BlueprintFraudBusters
Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud in a High Crime Climate. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com
This Webinar focused on the subject in the title
FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web.
FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware.
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The Fraud & Cybercrime Forum from #TheFraudTube: Agenda 15th July 2014, London#TheFraudTube
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FCF June 2014 - 02 fraud facts 2 p securing board level support for anti fraud measures
1. FRAUD FACTSIssue 2 April 2014 INFORMATION FOR PROFESSIONALS
However, responsibility for fraud risk
management does not (and should not) rest
with the board alone. It should be widely
shared within the organisation.
• The board: sets the policy and ‘tone’.
• Senior management: implements and
monitors compliance.
• Staff: adhere and report concerns.1
Employees need to understand the
expectations placed on them by their
employer. This is particularly true in an
anti-fraud scenario, where a zero tolerance
approach should be adopted.
Understand the risk
All organisations are vulnerable to fraud, and
different sectors have different risk appetites.
To understand your organisation’s risk profile
and appetite for fraud, start a regular dialogue
at board level as part of the strategic approach
to risk management. Align it to your business
objectives to begin to change the mindsets of
those at the top. Provide examples of the
issues and consider the full spectrum of risks:
financial, legal, operational, regulatory and
reputational.
Such discussions should ensure that fraud
features on your risk register and informs
what needs to be done and how much it
will cost. Investment in anti-fraud measures
should be proportionate and risk based.
There does not need to be a costly blanket
approach. By identifying the areas of highest
fraud risk within your organisation and acting
on this information, targeted and effective
expenditure can be achieved.
Estimate the true cost of fraud
Consider the bigger picture and use national
and international fraud statistics to establish
the likelihood of becoming a victim and the
potential costs involved.
The true cost to your organisation of becoming
a victim of (or conduit for) fraud is usually
much more than the actual amount lost to
the fraudster, and sometimes small frauds can
cost the most. In fact UK research estimates
that the true cost of staff fraud can be as much
as 14% higher than the initial amount lost.2
Introduction
‘Why go looking for problems?’ ‘Won’t people
think we have a fraud problem?’ ‘We’ll worry
about it if it happens’ ‘Why spend money on
something which may never occur?’
It can be difficult to justify non revenue-
generating expenditure to the governing
body of an organisation (sometimes called
a board, executive, council or cabinet).
This means that investment in preventative
measures, especially for fraud, can often be
regarded as a low priority. Such an attitude
commonly indicates either short-sightedness
or a lack of awareness about the key risks
facing organisations today and the
responsibilities for managing them.
Fraud is not an issue that will simply ‘go away’.
In this area, ignorance is certainly not a
strength. Ultimate responsibility for fraud
defences resides with the governing body
(herein called the ‘board’). It needs to
understand the risks (‘you need to look
for fraud to find it’) and take appropriate
measures to reduce them.
The creation, adoption and maintenance
of anti-fraud capabilities will cost money.
However, it is important for the board to
understand that the benefits of investment
now will often far outweigh the consequences
of inaction later.
This factsheet highlights some of the key
issues that should be considered by
practitioners when trying to secure board-
level support for the adoption of an anti-fraud
strategy – to protect assets, people and data
now and in the future.
The benefits
Investment should be seen as an enabler to
business, not as a barrier. To drive change
in perception and budgets successfully, the
benefits of a robust anti-fraud system need
to be demonstrated. These can include
(but are not limited to):
• Cost-savings: it is often cheaper to prevent
fraud in the first place than to deal with the
aftermath.
• It pays for itself: ‘getting it right’ can result
in significant returns on investment.
• It sets the ethical tone: in having an anti-
fraud system the organisation shows that
it cares about its staff, customers, suppliers
and shareholders.
• It acts as a deterrent: robust anti-fraud
measures can deter would-be fraudsters
(internal and external) from targeting the
organisation.
• It encourages business: it allows
organisations to conduct business with
confidence.
Although the initial budgetary impact cannot
be avoided, the benefits can be emphasised.
For example, ‘investing £xxx in staff, policies,
and controls now could lead to the avoidance
of a future fraud incident of many times that
value, resulting in a significant return on the
original investment’.
Where to start?
Some areas you can use to approach the
board are outlined below.
Practice good corporate governance
As a matter of good corporate governance
the board must act in the best interests of
the organisation by exercising due diligence
and care to safeguard its assets, people and
data. Access to accurate, relevant and timely
information is vital to fulfil this duty. An
engaged board will take an interest in all risks
to, and opportunities for, the organisation
and recognise the importance of setting the
right cultural and ethical ‘tone’.
Securing board-level support for anti-fraud measures
Fraud is a major issue for organisations of all sizes and types and should be considered when
implementing an overall risk management strategy. Securing board-level support is a critical
first step in establishing effective fraud defences. This factsheet offers some helpful tips and
hints on how to do this.
1
Fraud Advisory Panel (2010). Fraud Reporting: A shared
responsibility. Available from www.fraudadvisorypanel.org.
2
CIFAS – the UK’s Fraud Prevention Service (2013). The
True Cost of Insider Fraud. Available from www.cifas.org.uk.
Case study: City of Stoke-on-Trent
In 2012 the Stoke-on-Trent City Council embarked upon a 12-month Spot The Cheater
publicity campaign to tackle fraud.
The business case presented to senior authority officials estimated that the campaign would
cost £260,000, identify £1.2m worth of fraud and recover 20 properties lost through fraud.
This represented a return on investment (ROI) of 2:9.
Overall it identified £1.5m worth of fraud and recovered 62 properties at a cost of £105,000
(a ROI of 1:14).
The award-winning campaign was a major success and is now ongoing.