Duty of Care
Preventing and Detecting Fraud Risks in Times of Economic Uncertainty
Even during the ups and downs, fraud unfortunately does not stop. According to the President of the Association of Certified Fraud Examiners (ACFE), Bruce Dorris, “The COVID-19 pandemic and the resulting economic instability will not only increase levels of fraud, but will also lead to more discoveries of existing fraud. Now’s the time to prepare your organizations.”
While these predictions may seem dire, organizations can still put protections in place to try and soften the blow from fraud through bolstering internal controls. One way to do so is to put a lens on how companies are currently detecting and preventing fraud in expense, invoice, and other employee spend areas. By doing so, companies can potentially save up to thousands of dollars and uncover other fraud schemes as well.
3 Tips to Prevent & Detect Business Fraud Risks
To learn more, we encourage you to watch our on-demand webinar, in which certified fraud examiner (CFE) and public accountant (CPA), Andi McNeal – who is also the director of research for the ACFE and co-author of the newly released Report to the Nations on Occupational Fraud and Abuse 2022 Global Study – helps organizations:
- Discover trends: Learn how fraud is committed, along with the some of the most effective ways to detect it, so you can identify fraudulent trends at the global, industry, and organizational levels. Then discover how other organizations respond when occupational fraud has been identified.
- Benchmark your organization: Compare your organization’s risks of fraud by industry, region, and size, so you can benchmark your anti-fraud efforts against similar organizations, as well as some of the most effective methods for reducing fraud losses.
- Uncover who puts your organization at risk: See which employees or departments pose the greatest risks when it comes to committing fraud for your organization. By uncovering where some of the largest cases of fraud are likely to occur, you can start identifying the behavioral clues that can be indicators of fraudulent conduct.
To wrap it up— Connie Hoen, who has more than thirty years of experience in auditing as an SAP Concur program director, shares some best practices and ways that companies are re-adjusting their programs to prevent and detect fraud.
Watch the webinar today!