Welcome to something different re Fraud and Corruption
How your business can reduce the risk of fraud and corruption
The answer is easy: "Get out of business!" But where will that leave us and who is going to pay taxes? (What is that saying again - something about death and taxes - can we please add fraud and corruption? Or do taxes cover those?)
Fraud is not complicated!
It is the abuse of trust. It is the exploitation of those things we often take for granted - those basic things we often neglect in doing right consistently. It happens because you do not have a proper understanding of your systems, processes and available data.
To fight fraud and corruption you need to fight fire with fire. You must build trust - trust between you and the staff - and you must gain a better understanding of your systems, processes and the data generated.
In order to effectively address the risk of fraud and corruption and to mitigate it to an acceptable level within your company you require various skills, such as:
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Investigative skills;
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Interviewing skills;
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Internal audit skills;
- IT skills;
- Accounting and auditing skills;
- Legal skills; and
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Human capital management skills.
Unfortunately these skills are never available in one specific department within your company. Usually it is spread across a number of departments.
Based on our experience the interaction between these departments are mostly reactive in nature, i.e. they will consult with each other on current matters, such as ongoing investigations, disciplinary actions against certain employees and the possible recovery of misappropriated funds. However, pro-active interaction and collaboration between these departments with their unique skill sets is mostly non-existent. In this regard, please refer to our discussion titled "Revisiting the fraud triangle" on the Research page.
What we offer you is an effective fraud risk management plan tailored to your business, which will seamlessly combine the abovementioned skill sets with clear mandates for each unit in respect of their roles during reactive interventions and pro-active initiatives. There is no tolerance for cut & paste jobs in this regard. Our deliverables and initiatives will be unique to your business, because your business is unique - the mix of people and cultures within your business is unique - cut & paste will not work.
A client told us how a consulting firm came to them with this whole song and dance of how their "unique" fraud hot line will solve their problems. A lot of fancy slides and graphs later, our client has not received one call on that line in four months of operation. Why? The approach was wrong. No buy-in was obtained from the staff. The client's industry is prone to syndicate activities. Therefore, punting a fraud hot line to a person who does not even trust the person next to him requires a personal touch. You have to earn their trust. You have to show them the face behind the fraud hot line and you have to be consistent and fair in handling each reported matter.
How do you accomplish this? Give us the opportunity to show you how.
We combine our experience in the abovementioned fields to provide you with global best practice tailored to your needs. Each of our assignments are designed and developed from scratch - no duplication, just experience.
And...we have learned the hard way, so that you don't have to.
This is not a "tick the box" exercise.
CORE SERVICES
Fraud risk management In-depth financial & process analysis Root cause analysis Detection Forensic investigations & accounting Forensic technology Data mining Mirror imaging Litigation support Building your case Prevention Fraud training Fraud awareness Policies & plans Rehabilitation Tracing Practical sustainable solutions
EVERYTHING SORTED
