The occurrence of fraud is not a situation of if but rather when. A typical company loses about 5 percent of annual revenue to fraudulent acts. However, research has shown that understanding fraud and implementing critical risk management steps can reduce and mitigate the occurrence of fraud.
Fraud can be committed in a number of ways, and the tactics and techniques continue to evolve with the expansion and sophistication of technology. Generally, fraud is committed either by an internal or external party and the motivators and drivers can vary based on the perpetrator. Below are insights on some of the most prevalent fraud taking place today.
Bribery & Corruption
Cross border fraud
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It is difficult for organizations to prevent and detect fraud when the appropriate programs, tools, training and resources are not in place. An organization’s anti-fraud policies should be part of an ongoing, comprehensive fraud risk management program that incorporates key fraud risk management principles such as those prescribed by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the Association of Certified Fraud Examiners (ACFE).