Fraud and Theft
'Fraud occurs when opportunity meets motivation'. – Donna McKay (Executive Director at Physicians for Human Rights)
5 Essential Truths
- You operate in an environment of enhanced threats.
- Fraud and theft management is no longer about response, it is now about detection and prevention.
- Fraud risk management will help align corporate values and performance as well as protect organisational assets, including its reputation.
- Internal controls are one of the great fraud deterrents.
- Implementing a fraud prevention plan requires commitment and also requires the business to provide the right tools and support to its employees.
5 Immediate Check Points
- Do you use hindsight and insights (including benchmarking) to prevent and detect potential fraud and theft?
- Are you staying in touch with your industry – be aware of the new forms of fraud and theft impacting similar organisations?
- Are you geared to respond to new and sophisticated tactics?
- Do you use your data to determine, identify or tell a story about the fraud risk in your organisation?
- Are you gaining insight on better ways to design and evaluate controls to prevent, detect and respond appropriately to risk of fraud and theft?