Recent news of financial misappropriation by employees, brand hijacking and even natural disasters have left many businesses in the lurch and even closed many. As a business owner or leader, time and knowledge is critical. The pace of each day leaves little time for knowing every facet of your business. As budgets tighten, you are pressed to do more with less. It is not uncommon to have a myriad of things fall through the cracks - blind spots! This year's 7-7-7 panel will explore the many blind spots that exist and offer some simple and practical tips for identifying and preventing them from doing further damage.
Reverse Engineering the Wetware: Understanding Human Behavior to Improve Info...Alexandre Sieira
The human mind evolved to draw quick conclusions for survival. Behavioral economists, like Daniel Kahneman and Dan Ariely, are publishing research on when, why and how decision making can be consistently and predictably irrational. You could say these researchers are reverse engineering the wetware, finding bugs and race conditions and disclosing them.People are key to an organization’s information security, even if you believe in the “people, processes and technology” tripod. People define and execute processes. People decide funding for, implement, operate and/or monitor the technology. Your adversaries are people. At least until we reach the AI singularity, that is.Until then, the aim of this talk is to present some of the counter-intuitive findings of behavioral economics research and their implications for how information security is handled at the organizational and market levels. Our hope is that the audience will find they could benefit from changing established, seemingly sensible and logical actions we all do to better match how the wetware actually works.
Presented at BSides SF on Feb. 28th, 2016.
Identifying Harm Among Machine Players: Findings from a Multi-Component Resea...Horizons RG
Heather Wardle and David Excell: Identifying Harm Among Machine Players: Findings from a Multi-Component Research Study
Joint Session Presented at the New Horizons in Responsible Gambling Conference in Vancouver, February 2-4, 2015
Can 'BlackBox' responsible gambling algorithms be understood by users?Horizons RG
Can 'BlackBox' responsible gambling algorithms be understood by users?
Christian Percy, BetBuddy
Presented at the New Horizons in Responsible Gambling Conference in Vancouver, February 1-3, 2016
An explanation of the three lines of defense model in risk management, how a second line of defense mitigates risk, and how to set up a second line of defense.
Reverse Engineering the Wetware: Understanding Human Behavior to Improve Info...Alexandre Sieira
The human mind evolved to draw quick conclusions for survival. Behavioral economists, like Daniel Kahneman and Dan Ariely, are publishing research on when, why and how decision making can be consistently and predictably irrational. You could say these researchers are reverse engineering the wetware, finding bugs and race conditions and disclosing them.People are key to an organization’s information security, even if you believe in the “people, processes and technology” tripod. People define and execute processes. People decide funding for, implement, operate and/or monitor the technology. Your adversaries are people. At least until we reach the AI singularity, that is.Until then, the aim of this talk is to present some of the counter-intuitive findings of behavioral economics research and their implications for how information security is handled at the organizational and market levels. Our hope is that the audience will find they could benefit from changing established, seemingly sensible and logical actions we all do to better match how the wetware actually works.
Presented at BSides SF on Feb. 28th, 2016.
Identifying Harm Among Machine Players: Findings from a Multi-Component Resea...Horizons RG
Heather Wardle and David Excell: Identifying Harm Among Machine Players: Findings from a Multi-Component Research Study
Joint Session Presented at the New Horizons in Responsible Gambling Conference in Vancouver, February 2-4, 2015
Can 'BlackBox' responsible gambling algorithms be understood by users?Horizons RG
Can 'BlackBox' responsible gambling algorithms be understood by users?
Christian Percy, BetBuddy
Presented at the New Horizons in Responsible Gambling Conference in Vancouver, February 1-3, 2016
An explanation of the three lines of defense model in risk management, how a second line of defense mitigates risk, and how to set up a second line of defense.
Learn over a dozen unique accounting, HR, and managerial anti-fraud alternative considerations that businesses, governmental and not-for-profit organizations can implement to reduce the risk of internal embezzlement and asset misappropriation. In addition to discussing the fraud prevention measures, this course will incorporate some real-life examples of frauds perpetrated, what lead to their discovery and what steps could have been taken to prevent them from occurring.
5 Steps to Creating an Ethical Work CultureCase IQ
You get it. Being an ethical organization matters. A lot.
But ethics isn’t just a quarterly HR campaign or a glossy conduct guide; in order to really have a bottom-line business impact, organizational ethics must function as an integral pillar of company culture over time.
So, what are the best practices to make sure your organization is regularly thinking about ethics and including it in everyday decision making? What are some creative ways to bring focus to this vital but often overlooked function? And how can you most effectively deal with and investigate an incident or a breach when it occurs?
Not-For-Profit Risks in the COVID-19 EnvironmentCitrin Cooperman
With fraud and cyber-attacks increasing by over 500% since the COVID-19 era began, all organizations, whether for-profit or not-for-profit, are under siege and being challenged with having to defend their data while also contending with a scattered workforce and diminished revenue. To help not-for-profit entities protect their information during these unprecedented times, this webinar will cover challenges entities face in preventing, detecting, and responding to fraud and cybersecurity-related activities.
Red Flags of Municipal Fraud: Preventing Employee DishonestySikich LLP
On average, organizational loss from employee dishonesty is estimated to claim 6% of revenue. Most is never discovered and continues for years.
This webinar outlined fraud schemes common to municipalities as well as methods to prevent opportunities for theft. Best practices related to handling an incident, evidence gathering and security, proper reporting, whistleblower systems, and use of forensic professionals were discussed.
As stated in the Institute of Internal Auditors IPPF, “The internal audit activity must evaluate the potential for the occurrence of fraud and how the organization manages fraud risk (2120.A2)”.
How is your auditing function meeting this professional expectation? The time to test fraud controls is before you have a fraud. Testing fraud controls is more commonly referred to as an “anti-fraud” assessment and is typically conducted by auditors as a consulting service. How long has it been since a comprehensive review was conducted at your organization? Once completed, as the company changes over time, sections of the first review should be updated.
This webinar will cover:
· How strong are your controls?
· Are you looking for fraud or is fraud looking for you?
· The time to detect directly impacts the chances of recovery
· Shell Vendors uncovered made the headlines in 2016
· Looking for signs of complacency in the workplace
· A robust organizational COSO based framework that organizes your work from cradle to grave
· Working paper and check list recommendations
· Actual audit report sample (with author identification removed)
A psychological approah in "credit card fraud risk management"Sameh Hassan
The presentation provides not only a coherent description of the process of credit card fraud risk management and why it is important in today business
but also presents a psychological approach inspired by the content creator to be applied in such process for better understanding of biases that could lead to undesired misjudgements.
“New” Misconduct Challenges and Solutions for Investigating as We Move to a ...Case IQ
In a transitional environment, characterized by physical distancing, remote workplaces, re‑opening of the economy and a fuzzy view of what’s coming next, a new collection of risks and challenges has emerged. Companies of every size are navigating the new landscape under extra stress, without the advantages of face-to-face communication, and the demands of a workforce that is hurting.
It’s a challenge to keep workers safe, healthy, engaged, committed, and productive in this environment, and there will always be risks of corruption and misconduct. Investigating under these circumstances requires new approaches tools and techniques.
Join Ken McCarthy, President of Integrity by McCarthy Inc, as he outlines the new risks posed by this environment, and the challenges and opportunities that will follow.
The webinar will cover:
Risks for misconduct in virtual and remote workplaces
Opportunities for new and different kinds of misconduct
Challenges of investigating in a transitional environment
Post-pandemic investigations
Examples of employees crossing the line
How the fraud triangle helps us to detect and prevent misconduct in the new environment
Our experts help you to understand the lessons learned from over 50 combined years of fraud experiences. Learn how good processes and internal controls can protect not only your organization, but also you as an individual. Obtain some practical tips on how you might prevent fraud in the future. Remember, it is not a question of “IF” fraud will occur in your organization, it is a question of “WHEN”. Are you prepared?
Check out our Upcoming Events page for news and updates on our future seminars and webinars at http://www.macpas.com/events/.
View a full recap of this webinar at http://www.macpas.com/webinar-cover-your-assets-asset-protection-trusts-and-the-vital-importance-of-trust-jurisdiction/
This article argues that family business centers need to align themselves with their universities' missions through strategic planning. It further argues that in most cases this means building the program on an academic base of either teaching or research. Part of establishing that base includes analyzing the balance among teaching, research, and service (i.e., using the [201c]Holistic Model[201d]). Without this approach, the risk of failure greatly increases. The experience discussed throughout this article is that of a small, private, liberal arts university that, using the approach recommended, built its center on the foundation of teaching. Many of these issues warrant further research.
During spring break 2020 (March 29 – April 4) the Smith Family Business will be leading a new student trek to Italy to explore many significant family businesses, Italy history and culture. The trek will begin in Milan and travel through Verona and Tuscany, finishing in Rome.
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Similar to 2012 777 The Seven Blind Spots in Business and How to Prevent Them
Learn over a dozen unique accounting, HR, and managerial anti-fraud alternative considerations that businesses, governmental and not-for-profit organizations can implement to reduce the risk of internal embezzlement and asset misappropriation. In addition to discussing the fraud prevention measures, this course will incorporate some real-life examples of frauds perpetrated, what lead to their discovery and what steps could have been taken to prevent them from occurring.
5 Steps to Creating an Ethical Work CultureCase IQ
You get it. Being an ethical organization matters. A lot.
But ethics isn’t just a quarterly HR campaign or a glossy conduct guide; in order to really have a bottom-line business impact, organizational ethics must function as an integral pillar of company culture over time.
So, what are the best practices to make sure your organization is regularly thinking about ethics and including it in everyday decision making? What are some creative ways to bring focus to this vital but often overlooked function? And how can you most effectively deal with and investigate an incident or a breach when it occurs?
Not-For-Profit Risks in the COVID-19 EnvironmentCitrin Cooperman
With fraud and cyber-attacks increasing by over 500% since the COVID-19 era began, all organizations, whether for-profit or not-for-profit, are under siege and being challenged with having to defend their data while also contending with a scattered workforce and diminished revenue. To help not-for-profit entities protect their information during these unprecedented times, this webinar will cover challenges entities face in preventing, detecting, and responding to fraud and cybersecurity-related activities.
Red Flags of Municipal Fraud: Preventing Employee DishonestySikich LLP
On average, organizational loss from employee dishonesty is estimated to claim 6% of revenue. Most is never discovered and continues for years.
This webinar outlined fraud schemes common to municipalities as well as methods to prevent opportunities for theft. Best practices related to handling an incident, evidence gathering and security, proper reporting, whistleblower systems, and use of forensic professionals were discussed.
As stated in the Institute of Internal Auditors IPPF, “The internal audit activity must evaluate the potential for the occurrence of fraud and how the organization manages fraud risk (2120.A2)”.
How is your auditing function meeting this professional expectation? The time to test fraud controls is before you have a fraud. Testing fraud controls is more commonly referred to as an “anti-fraud” assessment and is typically conducted by auditors as a consulting service. How long has it been since a comprehensive review was conducted at your organization? Once completed, as the company changes over time, sections of the first review should be updated.
This webinar will cover:
· How strong are your controls?
· Are you looking for fraud or is fraud looking for you?
· The time to detect directly impacts the chances of recovery
· Shell Vendors uncovered made the headlines in 2016
· Looking for signs of complacency in the workplace
· A robust organizational COSO based framework that organizes your work from cradle to grave
· Working paper and check list recommendations
· Actual audit report sample (with author identification removed)
A psychological approah in "credit card fraud risk management"Sameh Hassan
The presentation provides not only a coherent description of the process of credit card fraud risk management and why it is important in today business
but also presents a psychological approach inspired by the content creator to be applied in such process for better understanding of biases that could lead to undesired misjudgements.
“New” Misconduct Challenges and Solutions for Investigating as We Move to a ...Case IQ
In a transitional environment, characterized by physical distancing, remote workplaces, re‑opening of the economy and a fuzzy view of what’s coming next, a new collection of risks and challenges has emerged. Companies of every size are navigating the new landscape under extra stress, without the advantages of face-to-face communication, and the demands of a workforce that is hurting.
It’s a challenge to keep workers safe, healthy, engaged, committed, and productive in this environment, and there will always be risks of corruption and misconduct. Investigating under these circumstances requires new approaches tools and techniques.
Join Ken McCarthy, President of Integrity by McCarthy Inc, as he outlines the new risks posed by this environment, and the challenges and opportunities that will follow.
The webinar will cover:
Risks for misconduct in virtual and remote workplaces
Opportunities for new and different kinds of misconduct
Challenges of investigating in a transitional environment
Post-pandemic investigations
Examples of employees crossing the line
How the fraud triangle helps us to detect and prevent misconduct in the new environment
Our experts help you to understand the lessons learned from over 50 combined years of fraud experiences. Learn how good processes and internal controls can protect not only your organization, but also you as an individual. Obtain some practical tips on how you might prevent fraud in the future. Remember, it is not a question of “IF” fraud will occur in your organization, it is a question of “WHEN”. Are you prepared?
Check out our Upcoming Events page for news and updates on our future seminars and webinars at http://www.macpas.com/events/.
View a full recap of this webinar at http://www.macpas.com/webinar-cover-your-assets-asset-protection-trusts-and-the-vital-importance-of-trust-jurisdiction/
This article argues that family business centers need to align themselves with their universities' missions through strategic planning. It further argues that in most cases this means building the program on an academic base of either teaching or research. Part of establishing that base includes analyzing the balance among teaching, research, and service (i.e., using the [201c]Holistic Model[201d]). Without this approach, the risk of failure greatly increases. The experience discussed throughout this article is that of a small, private, liberal arts university that, using the approach recommended, built its center on the foundation of teaching. Many of these issues warrant further research.
During spring break 2020 (March 29 – April 4) the Smith Family Business will be leading a new student trek to Italy to explore many significant family businesses, Italy history and culture. The trek will begin in Milan and travel through Verona and Tuscany, finishing in Rome.
Rania LABAKI, Ph.D.
Associate Professor of Management
Director, EDHEC Family Business Centre
Scholar, Cornell Smith Family Business Initiative
rania.labaki@edhec.edu
Family and privately-owned businesses have a distinct advantage when family and ownership are closely aligned. Evergreen businesses are led by purpose-driven leaders with the grit and resourcefulness to build and scale private, profitable, enduring and market-leading businesses that make a long-term difference. Understanding certain “evergreen” principals, which may already be in place in your family or business, can be an effective lever to empower innovation in this generation and others to come.
Interruptions come in all shapes and sizes, from those considered a normal part of the business cycle such as changing market conditions or an acquisition proposal, to the deeply personal and subjective, such as the birth of a child, the loss of a loved one or a new idea and the choices it brings. They can be frightening and destabilizing, but they can also be used as catalysts for growth and improvement. It all depends on how you respond to them. Entrepreneurs have to be ready to accept and even embrace these changes as they come.
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Presented by David Teten - Managing Partner, HOF Capital
The cost of starting a business has trended down to the cost of being unemployed, which means dramatically more startups, and therefore more competition for your startup idea. How do you identify a startup idea that addresses a market others are not serving?
Ann Dugan - Senior Managing Director of Advisory Services, Family Office Exchange
Are family legacy and innovation incompatible? There are many complexities that come with being a family enterprise. What starts out as a family business gradually evolves into multiple businesses, real estate holdings, and investment portfolios. Balancing the legacy of the family with the needs of the business to grow and innovate requires thoughtful planning and thorough family involvement.
Family businesses have received an increasing amount of attention of late, and rightfully so. They dominate the global economy, from the corner store to the Fortune 300. As publicly owned corporations grow larger, as political systems grow more fragile, and as uncertainty permeates through many corners of society, family businesses will continue to play a key role in building trust and driving innovation. Despite all of this, family businesses are still largely misunderstood; seen as small, insular and conflict ridden. The Smith Family Business Initiative was launched in 2014 to dedicate our efforts towards understanding what makes family business unique, amply positioned and ultimately well suited to tackle the business challenges of global economy. Learn what is now underway at the SC Johnson College of Business and across all of Cornell to connect, educate and inform students, alumni and leaders from family businesses all across the globe.
Every business founder will be faced with the same decision at some point – “How do I exit this business I have created (or inherited)?” Nearly half of all business failures are precipitated by the owner’s death. Regardless of what stage your business or practice is at, thoughtful planning and communication with your family and business are critical components in a smooth business succession. Understanding how business, ownership and family are often interwoven is one pathway to success in any business transition process.
Family owned businesses account for between 80-90% of all businesses. In the winery industry, possibly even more. As this industry has grown rapidly in recent year, those businesses are approaching succession. Here are some strategies to employ to keep your enterprise thriving.
LinkedIn has established its staying power and proves to be one of the most useful tools for your business and career. In this year’s 7x7x7, hear from 7 experts who have leveraged LinkedIn’s tools, features, and groups to enhance their own profile, increase contacts, and grow their business. Tips will span from personal applications of LinkedIn to enterprise level features that can be used for your business.
For small to medium enterprises, the role of the CFO is critical to sustaining the enterprise and ensuring a smooth succession. Drawing on recent research and first-hand accounts with family business owners and CEOs, the director of the Vermont Family Business Initiative at the University of Vermont and our panel will examine the key traits of the most successful (and enduring) family businesses–and how their CFOs played a significant role in that success.
While change has always been a constant, the pace of change seems to have increased exponentially. This change permeates through all aspects of business as well; competition, marketing, social media, health care, even your employees. As a business owner or leader, you are challenged with keeping up with that change - perhaps even embracing it. The 2013 7x7x7 panel examines where change is happening, what it's impact will be on you and how you might take full advantage of that.
How can we sort out the mysteries of talent? Anyone trying to build a great organization faces the same basic challenge, whether we work for a big company, a startup, a Hollywood studio, a hospital, or the U.S. military. We all wonder how to tell really outstanding prospects from ones who look great on paper but then fail on the job. Or, equally important, how to spot the ones who don’t look so good on paper but might still deliver extraordinary performance.
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Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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2012 777 The Seven Blind Spots in Business and How to Prevent Them
1. 7 Experts – 7 Tips – 7 Minutes
The Seven Blind Spots of Business
May 23, 2012
1
2. Ground Rules
1. Each EXPERT will have SEVEN MINUTES to share their
TIP.
2. A one-minute warning will sound.
3. Once the signal sounds, no more TIPS!
4. Please hold all questions until the end.
5. There will be approximately 30 minutes for questions
and answers after all have shared.
6. Questions should be directed to the moderator.
7. Please keep track of TIPS on the back of your info sheet.
2
5. Hiring is a Big Deal
• Lots of: time, money, effort
• Turnover costs:
• Minimum wage employee 1/3 to ½ salary
($5,600-$8,500)
• $50,000 employee 1 – 2X salary
5
6. After All this Effort:
• Sink or swim philosophy
• We don’t have time to coddle employees.
• No one gave me extra help when I was
new.
• We don’t have a training budget; they’ll
just figure it out.
6
7. Some Employee Statistics
• According to research by the Aberdeen
Group, 86% of new hires make their decision to
leave or stay within the first 6 months; and
• 89% of new hires say they do not have the
optimum level of knowledge and tools
necessary to do their job.
• According to research conducted by Society for
Human Resources Management, 79% of those
who quit their jobs cite lack of appreciation as
the main reason.
7
8. Onboarding: deliberate, focused efforts
over the first 6 months to a year to help
new employees acclimate.
• Feel comfortable sooner
• Feel competent and become more
productive
• Become an engaged team member
• Happier customers
• Reduced turnover
8
9. First Impressions Count
• Send a new employee packet before the start
date; practical information: dress
code, parking, lunch protocol, job
description, sense of the culture, etc.)
• Clean work space
• Make sure supervisor is in first day
• Message: “We’re so glad you’re here!”
• Tour, introductions, lunch
• Spend time with top executive
• Add to all communication lists
• Be creative! (freebies, note from
top executive)
9
10. Tools of the Trade
• Assign a mentor or buddy
• Provide all the materials and equipment
needed
• Provide information or where to find it
• Provide role modeling
• Check in periodically to see how they’re
doing; what else they need--
weekly, monthly
10
11. C-o-n-n-e-c-t-o-t-h-e-o-d-o-t-s
• What is this job and its purpose?
• What does excellence look like?
• How does this position contribute to the
well-being of our customers?
• Set up informational meetings with
managers in other departments
• Communicate goals, mission and core
values
11
12. Employee Recognition and Motivation
• Recognize early and often!
• Give honest feedback and coaching
• Determine first year milestones
• Recognize and celebrate
accomplishments
• Get to know the whole person
• Learn what’s important to this employee
12
13. What’s good for new staff is good for all
• Don’t have dumb policies
• Nip bad behavior in the bud
• Encourage and value employee ideas.
Listen!
• Engender trust: keep your
word, communicate often (even to say “I
don’t know yet,”) never publicly
criticize, be consistent in
actions, values, practices.
• Accentuate the positive! 13
15. Risk Management
• Once risks have been identified and
assessed, all techniques to manage the
risk fall into one or more of these four
major categories:
• Avoidance: eliminate- withdraw from
• Reduction: optimize – mitigate-disperse
and redundancy
• Sharing : transfer risk – outsource or insure
• Retention: accept and budget
15
16. Break it down to the most obvious
threats to your operation:
• Employees not able to come to work and
the fall out of whatever has happened to
them.
• Power/communication interruptions.
• What will produce these outcomes?:
• Fire.
• Flood.
• Blizzard/Ice storm.
• Theft, vandalism, PHISH reunion.
16
34. Prevalence of Fraud by Payment Method
Type of payment % of organizations subject to
attempted or actual fraud in 2011
Checks 85%
ACH Debits 23%
Purchasing Cards 20%
ACH Credits 5%
Wire Transfer 5%
Payroll & Benefit cards 5%
Source: 2012 AFP Fraud and Control Survey
34
35. 2012 AFP Fraud and Control
Survey shows that…..
Average
Fraud is
loss
up 25%
$19,200
35
36. Who is committing the crime?
Kind of party % of Organizations subject to
attempted or actual fraud in
2011
Outside individual (ie. checks forged, stolen) 85%
Organized crime (ei. City specific crime spree) 16%
Internal party 11%
Third party or outsourcer (ie. Vendor, professional 7%
services provider)
Account takeover (ie. Hacked system, malicious 7%
code – spyware, malware, man in the middle)
Lost, stolen or compromised laptop or mobile *
devise
Source: 2012 AFP Fraud and Control Survey
36
37. But why?
•Can’t look at every check
•Check Conversion (check 21)
•Accelerated availability
•Low cost, high quality equipment
37
38. Regulations are changing…
Isn’t the bank responsible when there is check
fraud?
Changes to Uniform Commercial Code (UCC)
• Significant rewrite of articles 3 and 4
•Introduced “negligence” and “ordinary care”
• potentially shifting responsibility for fraud
•“Ordinary care” requires companies to follow “resonable
Commercial standard”
38
39. What am I worrying about?
Usually the WRONG things…….
Who is the
boogey man?
39
40. What should I be worrying
about?
•Keep checks & endorsement stamps in a locked location
•DO NOT take photocopy of checks that come into your
office
•Banks will never send you an e-mail asking you for
information
40
41. #1 Way to Prevent Check Fraud
Check your account
on-line EVERY day.
41
42. Other Ways to Protect Your
Business
•Segregation of duties
•Timely reconciliation of accounts
•Insist on vacation time off
•Protect check stock and endorsement stamps
•Positive Pay
•ACH Debit Blocks
•Create separate accounts for tax payments, payroll, etc.
42
46. Security:
• Use and Manage a quality Firewall Appliance
• Don’t assume that no one wants to access your data
• Don’t store confidential data unless required.
• Credit Card data
• Social Security #
• Birth Date
• Use strong passwords – 8 case sensitive, alphanumeric
• Change Passwords periodically. 90 days.
• Case Study.
46
47. According to the US Archives and Records
Administration, 93% of the companies that lost
their entire data for 10 days or more filed for
bankruptcy within one year of the disaster and
50% of businesses that found themselves
without data management for this same period
of time filed for bankruptcy immediately.
47
48. Business Continuity:
• If your server was stolen today could you be operational
tomorrow?
• What would happen to your business?
• What is your Business Continuity Strategy?
• Do you test your backup on a regular basis? How do
you know you can restore data?
• Business Continuity is not the same as backup.
• If you delegate this function, test it quarterly.
48
51. With today’s technology and pricing, the
only reason to lose data or have
significant downtime is poor decisions.
Never Click Here!
One Tip: Protect Yourself at all times!
51
85. THANK YOU FOR ATTENDING TODAY
Copies of today’s presentation are available
for sharing or download at:
www.twitter.com/FamBizSuccess
www.facebook.com/vermontfamilybusiness
www.slideshare.com/dvdv
85
Editor's Notes
Do you know who this man is?
How about now? He’s flanked by LeonardoDiCaprio and Steven Speilberg. His Name is Frank Abagnale. You may recall that Leonardo chronicled his life between the ages of 16 and 21 in the film “Catch Me if you Can.” In this film, Frank
We love checks
In 2009 wrote nearly 25 billion checks. While this number is declining, there’s still plenty of reasons why we don’t anticipate they will be going away soon…….
So with all these checks in the banking system, folks like Frank Abagnale have figured out how to fradulently produce or alter them for profit. The 2012 AFP survey revealed that 85% of businesses experienced attempted or actual check fraud in 2011. That is nearly every single one….if you haven’t experienced fraud, the statistics indacted that you will.
Even scarier, of those business that experienced actual fraud, the average loss was over $19,000. Let’s just stop for a minute and think aobut what that would mean to your business. This is a real loss, after all the dust has settled. So, the fraud amount may have been more and this was the “residual” loss after the bank helped you untangle the web which could have taken years and potential litagation.
So, who is committing check fraud? 85% of business report that is committed by someone outside the organization by stealing checks and creating bogus ones, or by altering the payee or amount. What is important also about this slide is that what you don’t have to be afraid of….look at account takeover or compromised iphone. Very small percentage.
Checks are going thru the sorters so fast...the banks have figured out what the combustion speed to catch a check on fire then processes them just a bit slower.Check 21 brought us the ability to pass checks as images or convert to electronic transactions like when you go Walmart or Costco.Accelerated availability – very competitive, everybody wants immediate use of their money once depositedGood quality printers, scanners, photo shop and available check stock at staples. Old days had to use chemicals, isotone, brake fluides, etc. to wash the check. Now just scan off the MICR line with the routing & transit number and account number, buy some stock at Staples and start creating checks. Or better yet, order some checks on-line by providing that information.
Who is the boogey man? We worry about lots of very complex stuff, like hackers and spyware, trojan horses and brower-in-the middle. We are worried about on-line banking and mobile apps. The data is overwhelming that we can control our likelihood of fraud by taking a few simple precautions….
Who is the boogey man? We worry about lots of stuff…but let’s keep it simple.