Fraud Week 2016: 6 Top Fraud Prevention Resources
This week is International Fraud Week, an annual awareness effort organized by the Association of Certified Fraud Examiners (ACFE) to shine a spotlight on fraud. It is estimated that fraud costs approximately 5 percent of annual revenue for organizations worldwide. The seriousness of the global fraud problem is why, throughout the year, we provide our clients and other organizations with tips and information to fight fraud and safeguard businesses and investments from the growing fraud problem.
Here we share 6 of our most-read fraud-related resources:
Our latest whitepaper, Occupational Fraud: A Hidden Killer of Organizational Performance, provides an in-depth look at the complexities of occupational fraud, so you can prevent, detect, minimize, and/or recover from it.
Get your copy of Occupational Fraud: A Hidden Killer of Organizational Performance>
Infographic: Fraud Triangle
The value of the fraud triangle is that it helps us to look at the objective factors that must be present for fraud to occur. Recognizing these objective factors helps to define actions you can take to help prevent fraud, partly through organizational policy controls and partly through managing the relationship with employees to encourage openness and trust.
View the Fraud Triangle infographic>
A recent report out from the Association of Certified Fraud Examiners (ACFE) confirms a growing and alarming trend – occupational fraud continues to rise, and with it businesses are ravaged by massive costs. The multi-layered impact of occupational fraud affects nearly every industry in every region worldwide – from the US and Canada, throughout Europe, Asia, the Middle East, and into Africa.
Unlike the human capital risks of complacency or turnover, occupational fraud is an intentional act to steal from the organization. It involves a conscious attempt by someone within or linked to the organization to seek “personal enrichment through the deliberate misuse of misapplication of the employing organization’s resources or assets” (ACFE).
It turns out, companies with properly-structured internal audit systems are less likely to experience severe losses due to internal fraud. Further, we find the existence of a strong internal audit capability is of significant interest to underwriters when reviewing applications for crime and fidelity insurance coverage.
Guide: 10 Fraud Facts
In this visual guide, we highlight 10 facts about fraud from the ACFE’s 2014 report and offer tips to help your organization develop an effective fraud prevention program.
Get your copy of 10 Fraud Facts>
We hope you find these resources valuable. And more so, we hope you will take some time to consider how your fraud prevention and risk management programs might evolve in 2017 to drive down losses and stop fraudsters from negatively impacting your people, brand, and profits. Fraud isn’t going away. But as ACFE President and CEO James D. Ratley, CFE, says, “…companies that don’t have protective measures in place stand to lose the most.”