Top 10 Risk Management Articles from 2016

By Lowers & Associates,

The end of the year is a great time to reflect and with that, we like to share our most-read articles of the year. This year’s top articles highlight a strong focus on workplace violence risk management, including active assailant concerns. More than ever, prediction, preparation, and prevention measures are needed to keep each workplace safe. Take some time to read through our top risk management articles from 2016 and plan for a safer and more productive 2017.

1. [Infographic] How to Address the Threat of an Active Assailant Incident in Your Organization

Each and every employee and community member deserves to feel safe. OSHA requires it, labeling it as an organization’s responsibility to provide a safe workplace. Tragically, with a growing number of active assailant incidents happening all around the country, this threat is more relevant than ever before. Over a two-year span, 26 states experienced 40 active assailant incidents, resulting in more than 230 casualties.

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2. Building a Culture of Compliance around BSA/AML – Guidance from FinCEN

In simpler times, the Bank Secrecy Act (BSA) regulated the Anti-Money Laundering (AML) activities of banks, as the name implies. In our globalized and networked world, it has expanded to cover financial institutions ranging from the biggest banks to mom and pop check cashing, or money transfer operations running out of storefronts in a mall. The Financial Crimes Enforcement Network (FinCEN) has launched actions against businesses across this spectrum for violations of BSA/AML requirements.

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  Category: Risk Management
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17 Facts to Fuel Your 2017 Fraud Prevention Plan

By Lowers & Associates,

fraud prevention plan

Every two years, the Association of Certified Fraud Examiners (ACFE) performs and publishes research on worldwide organizational fraud. These reports have rearranged the landscape on organizational fraud by providing a bedrock data-based description of the incidence, characteristics and impact of fraud on organizations of all types.

The 9th report in this series, the 2016 Report to the Nations on Occupational Fraud and Abuse, continues and expands the information available to organizational managers to help shape their risk management strategies to combat organizational fraud. With the sound methodology repeated by these studies over time, some solid trends have been established, but we can also see some emerging threats.

Here are 17 facts that can help you to understand and respond to the threat of organizational fraud in your organization:

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  Category: Fraud Prevention
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Fraud Week 2016: 6 Top Fraud Prevention Resources

By Lowers & Associates,

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:

 

Whitepaper: Occupational Fraud – A Hidden Killer of Organizational Performance

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>

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Human Capital Risk Series: Fraud in the Workplace

By Lowers & Associates,

In the 2016 update to the invaluable Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners (ACFE) analyzed 2,410 cases of occupational fraud that cost more than $6.3 billion in losses. Extrapolate this to the total number of organizations at risk and you can understand why ACFE has found in report after report that about 5% of top line revenue is lost to fraud every year, worldwide (download the ACFE The Staggering Cost of Fraud PDF).

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).

Needless to say, fraudsters have every incentive to remain hidden, so a well-executed fraud can go on for years. The intentional, hidden nature of fraud puts the emphasis in risk management on identifying potential fraudsters (preferably before you hire them) and limiting and monitoring the opportunities for fraud.

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[New Whitepaper] Occupational Fraud: What You Need to Know

By Lowers & Associates,

Occupational fraud is a common problem. It is even more common than most businesses know, since many incidents are never even detected. When fraud hits, a business can be devastated by the financial costs, along with damage to morale and reputation. The costs are massive.

The 2016 Association of Certified Fraud Examiners (ACFE) report cites more than $6.3 billion in damages from a survey set of 2,410 businesses. Global losses from 2015 are projected at more than $3.7 trillion, with median losses around $150,000 per incident.

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.

Start with education and STOP fraud in its tracks:

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