Fraud has many definitions but is generally regarded as anything illegal that benefits the perpetrator. Because of the various permutations of fraud, it is often also difficult to prove; the main challenge being to actually prove that fraud has taken place. This can be complicated if there is no obvious
Money laundering and financing of terrorism is not going to let up anytime soon. Research has shown that dirty money pours into the world’s most powerful banks, and in some instances, both governments and banks are complicit in the failure to stop the flow of dirty money in the system.
The role of the Board in managing an organisation’s fraud risk is a major one. There are already rules, regulations, procedures and processes that are mandatory when it comes to addressing fraud, and the Board has to ensure that all of them are adhered to. But what about managing fraud
All organisations experience fraud in some form or other, and while damage has been mitigated or minimised in many cases, there have been instances which have begged the question of what the Board was doing, for such an incident to have happened. But what exactly does a Board do, when
An effective fraud risk management framework helps organisations deal with this particular risk in a consistent, continuous way. But what exactly is fraud, and how can organisations tell when it is happening? Almost all companies experience fraud in the course of doing business; the only differentiating factors may be the
In Malaysia, the Auditor-General’s annual report speaks volumes about the prevalence of fraud, “leakages,” misuse of funds and abuse of authority. Yet these shameful, unhealthy practices persist, to the extent that they can actually be quantified – and the amount is staggeringly in the billions! Of course, the Auditor-General’s report references