Did you know organizations lose 5% of their revenue to occupational fraud each year? 😱 Don't let your business be part of that statistic! Identifying the intersections of your business units and processes where fraud could occur is the first step. Then, implement preventive and detective controls to safeguard against these risks. Learn about different controls like monitoring, limiting approval authority, and segregating functions to strengthen your organization's defenses. Learn about these controls and more in our latest blog. ➡️ https://hubs.li/Q02D9LYl0 #fraudprevention #riskassessment #fraudrisk #compliance #internalcontrols
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Professional Services Executive | Strategic Thinker | Team and Practice Builder | IT Audit, SOC Audit, SOX and Compliance SME
A staggering 5% of annual revenue is lost by organizations to occupational fraud? This is a wake-up call for all businesses. While modern technology such as AI can supercharge your analytics, conducting a fraud risk assessment to hone these tools on the most likely attack vectors is critical! The first line of defense is awareness. Start by identifying the intersections within your business units and processes that are vulnerable to fraud. This proactive approach can save your organization from becoming a part of this alarming statistic. #FraudPrevention #BusinessIntegrity #RiskManagement #DontBeAStatistic
Did you know organizations lose 5% of their revenue to occupational fraud each year? 😱 Don't let your business be part of that statistic! Identifying the intersections of your business units and processes where fraud could occur is the first step. Then, implement preventive and detective controls to safeguard against these risks. Learn about different controls like monitoring, limiting approval authority, and segregating functions to strengthen your organization's defenses. Learn about these controls and more in our latest blog. ➡️ https://hubs.li/Q02D9LYl0 #fraudprevention #riskassessment #fraudrisk #compliance #internalcontrols
How to Effectively Manage Your Fraud Risk with Targeted Assessments
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Don't let fraud cost your company. Read below on how your company can manage risk.
Did you know organizations lose 5% of their revenue to occupational fraud each year? 😱 Don't let your business be part of that statistic! Identifying the intersections of your business units and processes where fraud could occur is the first step. Then, implement preventive and detective controls to safeguard against these risks. Learn about different controls like monitoring, limiting approval authority, and segregating functions to strengthen your organization's defenses. Learn about these controls and more in our latest blog. ➡️ https://hubs.li/Q02D9LYl0 #fraudprevention #riskassessment #fraudrisk #compliance #internalcontrols
How to Effectively Manage Your Fraud Risk with Targeted Assessments
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🚨 Protect Your Business from Occupational Fraud with These Key Controls Occupational fraud poses a serious threat to organizations of all sizes, often hiding behind trust and routine. The median loss per case is $145,000, but the impact extends beyond financial damage, affecting company culture and reputation. In this video, we outline four specific controls to help safeguard your business: → Surprise Audits → Fraud Awareness Training → Confidential Reporting Channels → Proactive Data Analysis 👉 Click the link to watch our video: https://bit.ly/3LagPFq Stay informed, stay ahead! For tailored advice and optimal strategies, reach out to our office. #FraudPrevention #RiskManagement #BusinessSecurity
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Are your controls effective? Can they be improved?
Red Flags that indicate your internal controls are ineffective. Are you aware of them? Here's a list of #redflags that might help you identify if your #internalcontrols need improvement: 1- Frequent Errors and Inaccuracies 2- Lack of Segregation of Duties 3- Inadequate Documentation 4- Inconsistent Enforcement of Policies 5- Missing or Ineffective Authorization Protocols 6- Lack of Physical Controls 7- Poor Access Controls 8- Failure to Reconcile Accounts 9- Inadequate IT Controls 10- Undefined Code of Ethics 11- Inadequate Whistleblower Protection 12- Lack of Training and Awareness 13- Failure to Investigate Red Flags Take the time to review these red flags and assess your internal controls. Effective controls are essential to mitigate risk, ensure compliance, and protect your organization's reputation. Credit: Abdul Khaliq
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Don't assume employees understand whistleblowing or know the proper protocols for doing it. That's why it's vital to provide regular training around your ethical programmes, educating staff about types of reportable conduct like fraud, corruption or safety violations, whistleblower rights and highlighting the organisation's commitment to an ethical culture that values transparency. Remember this stat: companies that don’t have anti-fraud training only discover fraud via tip-off 37% of the time, whereas companies that regularly conduct ethical training discover fraud via tips 56% of the time - 2020 Association of Certified Fraud Examiners (ACFE). Empower your workforce to speak up about wrongdoing and protect your business from the costs of misconduct. Contact Report It Now® today to learn more about our whistleblower reporting solutions for Australian organisations. #Training #EthicalPrograms #FraudPrevention #CorruptionAwareness #EmployeeEducation #EthicalCulture #AntiFraudTraining #ReportItNow #ACFE #SpeakUp
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Compliance Officer I AML I Data Privacy I Anti-Corruption I Anti Bribery I Anti-Trust I internal investigations I Risk | Lawyer
The importance of the reporting line and the need to be heard
Whistleblowing is one of the most effective ways to uncover corruption, fraud, mismanagement & other wrongdoing, but the internal report mechanisms should follow certain standards. These are detailed in our new tool on Internal Whistleblowing Systems. ⬇️ http://anticorru.pt/2U6
Internal Whistleblowing Systems: Best Practice Principles for Public…
transparency.org
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INITIAL DETECTION OF OCCUPATIONAL FRAUD As shown in Figure 13, tips were the most common way frauds came to light, with 43% of cases being uncovered due to a tip from a whistleblower. This is more than three times as many cases as any other detection mechanism. This finding is consistent with our prior studies, all of which have shown tips to be by far the most common way fraud is detected. Other common detection methods included internal audit (14%) and management review (13%). Collectively, these three detection methods accounted for 70% of the cases in our data. source : Occupational Fraud 2024: A Report to the Nations #internalaudit #Risk #Complaince #audit #fraud
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Occupational fraud is a cobweb of asset misappropriation, corruption, and financial statement fraud. Hence, it becomes imperative to combat fraud with strong internal audit management along with other vital networks that scrutinize the entire auditing process. #FraudPrevention #BehavioralRedFlags #ForgeryAlerts #AKGVGInsights #FraudAvoidanceTips #AwarenessIsKey #ProtectAgainstFraud #RecognizeRedFlags #StayVigilant #FraudstersBeware
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Whistleblowing is one of the most effective ways to uncover corruption, fraud, mismanagement & other wrongdoing, but the internal report mechanisms should follow certain standards. These are detailed in our new tool on Internal Whistleblowing Systems. ⬇️ http://anticorru.pt/2U6
Internal Whistleblowing Systems: Best Practice Principles for Public…
transparency.org
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Secure Your Spot for our Exclusive Webinar on "Failure to Prevent Fraud: Navigating Compliance Challenges!" 🛡️ Don't miss the chance to gain valuable insights from industry experts on strategies to fortify your organisation against fraud risks. Join us on Wednesday, 24 January, at 12 pm UK time for a free-to-attend, one-hour webinar which will cover the following topics: 🔹What failure to prevent means in law 🔹Case studies of failure to prevent prosecutions 🔹What fraud means in this context and the prerequisite offences 🔹The reasonable procedures an organisation must have to comply 🔹How to conduct a failure to prevent fraud risk assessment 🔹Practical steps to put those procedures in place https://bit.ly/48HEWFb #FraudPrevention #FraudAwareness #FraudAwarenessTraining #ComplianceWebinar #CorporateResponsibility #ComplianceTraining #ComplianceSoftware #RegTech
Understanding failure to prevent fraud - The new UK compliance requirement - Register for FREE now
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