Countering fraud for competitive advantage : the by Mark Button

By Mark Button

Substantially decrease the principally hidden fee of fraud, and acquire a brand new aggressive advantage.

As the identify indicates, Countering Fraud for aggressive Advantage offers a compelling company case for making an investment in anti-fraud measures to counter monetary crime. It seems on the methods of reaping a brand new aggressive virtue by way of considerably decreasing the hidden rate of fraud. aimed toward a large enterprise neighborhood and in line with good examine, it's the merely publication to place ahead an evidence-based version for battling company fraud and fiscal crime.

Despite its elevate and seize of the scoop headlines, company fraud is essentially neglected via so much corporations. Fraud is accountable for losses of as much as 9 percentage of revenues—sometimes extra. but, so much organisations don't think they've got an issue and do not consistently degree fraud losses. This highlights a space for shooting a aggressive advantage—with the ideal counter-fraud process, gigantic losses end result of the fee of fraud may be diminished for a fragment of the return.

  • Advocates a brand new version for tackling fraud and illustrates theories with top perform examples from round the world
  • The authors have shut hyperlinks with the Counter Fraud specialist Accreditation Board: Jim Gee is a world–renowned specialist within the box, and has suggested inner most businesses and governments from greater than 35 international locations. Mark Button is Director of the top Centre for Counter Fraud reports, Portsmouth collage, U.K.

Organizations are wasting hundreds of thousands of bucks to fraud. This publication outlines a accomplished method of lowering monetary crime and aiding go back many of the profit misplaced to the price of fraud.

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Extra info for Countering fraud for competitive advantage : the professional approach to reducing the last great hidden cost

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That the money was used for a good purpose is another common rationalisation, and this could be a genuine good cause or a deviant one, such as terrorism. Fraudsters also often rationalise their crime on the grounds it won’t hurt anyone. ) Covering mistakes/malpractice Greed Mental breakdown Peer-pressure to engage Criminal threats/blackmail. Common rationalisations for fraud: Disgruntled with managers/organisation Perception underpaid Everyone else is doing it The organisation is corrupt and deserves it It’s a small sum which won’t be missed Just borrowing it and will pay back The money was used for a good purpose It won’t hurt anyone.

They may have won the lottery or inherited some wealth, but they may also be defrauding the organisation. Financial difficulties may also be easy to spot and are simple to pick up through credit checks and searches for bad debts. Some of the other red flags are more open to interpretation and some may be much harder to spot. For example many people with an addiction to alcohol are able to hide this. Nevertheless the above red flags do provide some clues for the vigilant counter-fraud professional to watch out for in those in positions of responsibility within an organisation.

This can occur in terms of losses from fraud, or penalties for not tackling fraud (corruption). 25 There are also many Small and Medium Enterprises (SMEs) which operate on very tight budgets, and a major fraud can result in serious damage to them. Evidence from America shows the median losses are higher in organisations employing fewer than 100 employees than they are in larger ones. 26 There is therefore a simple imperative to tackle fraud to reduce the potential financial impact and to avoid the ultimate consequences of disappearing altogether.

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