Transcription of Fraud Indicators for Risk Management Professionals
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Fraud Indicators for Risk Management Professionals
Fraud Indicators for Risk Management Professionals James D. Ratley, CFE President and CEO Association of Certified Fraud Examiners 2 of 19 Introduction Recent economic struggles and business collapses have brought the concept of risk to public eye and forefront of business operations Risk of Fraud is common to all entities 3 of 19 Introduction Fraud risk can be devastating if not proactively addressed Estimated 5% of revenues Managing Fraud risk involves recognizing known signs and symptoms of Fraud schemes 4 of 19 Fraud Risk Assessment Cover both internal and external Fraud risks Employee education/awareness Ongoing process, revisited frequently Used to focus Fraud prevention and detection activities 5 of 19 Fraud Prevention Tone at the top/ethical corporate culture Based on the specifics of the organization Employee support programs Background checks Perception of detection 7 of 19 Fraud Detection Hotlines Internal audit/ Fraud audits Data mining/analysis Process-specific internal controls 9 of 19 Responding to Fraud Incidents Investigate allegations Take action against the perpetrator Recover amounts lost Correct internal control deficiencies that allowed Fraud to occur 10 of 19 Focus on Fraud Indicators The Fraud risk Management process must be anchored in understanding and identifying the red flags and warning signs of Fraud .
3 of 19 Introduction Fraud risk can be devastating if not proactively addressed Estimated 5% of revenues Managing fraud risk involves recognizing known signs and symptoms of fraud …
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