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Business Risk Management Ltd

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Fraud - The Trillion Dollar Industry
Fraud - The Trillion Dollar IndustryThe raft of high-profile corporate scandals as well as new regulations world- wide, has spotlighted that fact that businesses need to take the threat of fraud very seriously.

This has led to the requirement for specific anti-fraud measures to address both internal and external fraud and misconduct.

BRM has specific experience in helping organisations prevent, detect and investigate fraud. We find that many organisations underestimate the risk of fraud and generally have a very limited programme to deal with the threat

  • According to The Association of Certified Fraud Examiners (ACFE) fraud is costing the World Economy at least $US 4 trillion per year
  • The true cost of fraud is much higher when you take into account impact on reputation, diversion of management attention and loss of trust within teams
  • 95% of organisations make no use at all of electronic information to detect fraud (Ernst and Young Study)
  • Most managers assume that having good controls in place will significantly reduce the risk of fraud – the reality is that as many fraudsters are senior personnel, they will know the controls and how to bypass them (however sophisticated you think they may be)

How we can help

We can help organisations to increase awareness amongst management and develop a focussed anti-fraud programme. For example we can help you to:-

  • Understand the fraud and misconduct risks that can undermine the business
  • Determine whether anti-fraud programs and controls are actually effective in reducing instances of fraud and misconduct
  • Gain insight on better ways to design and evaluate controls to prevent, detect, and respond appropriately to these threats
  • Identify fraud indicators
  • Reduce exposure to corporate liability, sanctions, and litigation that may arise from violations of fraud legislation or regulatory requirements
  • Develop data mining techniques to target fraud
  • Develop a fraud prevention and detection loop
    • Understand the Risks
    • Evaluate the actual and perceived controls
    • Create a control consciousness loop
    • Look for fraud indicators
    • Aim for balance between prevention and detection
    • Develop a targeted audit programme
    • Facilitate whistle blowing
    • Give fraud investigation top priority
    • Conduct sensitive and thorough investigations
    • Use successful investigation as a moral deterrent
    • Manage external coverage of fraud
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