What is fraud risk management and how to deal with it?
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
Fraud is never going to happen to us – are you sure?
What is fraud? It has often been defined as anything illegal that benefits the perpetrator. If you add a little extra to your mileage claims, that’s fraud. If you help yourself to office stationery because you’re running low at home, that’s fraud. If you take credit for a design that
Anti-Money Laundering and Countering Financial Terrorism (AML/CFT): Causes And Consequences
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.
What role does the Board play in Fraud Risk Management strategy?
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
The Role of Boards in Fraud Risk Management
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
The monumental task of managing the human elements in fraud risk management
Hard Fact #1: Fraud can never be totally eliminated from an organisation’s operations. At best, it can be minimised, and its most damaging results mitigated so as to cause as little damage to the organisation as possible. All companies have experienced fraud at some point or another - or they
Fraud Risk Management: A tool to deal with Dishonesty in Business
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
The Cost Of Corruption
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