International Fraud Awarness Week 2021
This year the “International Fraud Awareness Week” will take place online from 14 to 20 November 2021.
This event, organized by the ACFE Association Certified Fraud Examiner in collaboration with authoritative sponsors operating in the anti-fraud sector, will be full of training sessions.
Michael Slim International supports this event in order to spread the anti-fraud culture in companies and raise awareness of this phenomenon which is very impactful for the companies affected by these attacks.
According to the ACFE 2020 Report to the Nations, companies and organizations lose around 5% of their revenue annually due to fraud.
But what are the main Red Flags that possible fraud cases:
Red Flags
But what are the main Red Flags that possible fraud cases:
Fonte: ACFE
Check List
There are different tools that can be used to understand if our organization is prepared to face these issues. What are the main tools to use?
The most cost-effective way to limit losses due to fraud is to first prevent fraud from occurring. The checklist below is designed to help companies test the effectiveness of fraud prevention measures in organizations (Source: ACFE).
- Is ongoing anti-fraud training provided to all employees of your organization?
- Is an effective fraud reporting mechanism in place?
- Is possible fraudulent conduct aggressively sought out, rather than dealt with passively?
- Is the tone at the top one of honesty and integrity?
- Are fraud risk assessments performed to proactively identify the organization’s vulnerabilities to fraud?
- Are strong anti-fraud controls in place and operating effectively?
- Does the internal audit department, if present, have adequate resources and authority to operate effectively and without undue influence from management?
- Are employee support programs in place?
- Is an open-door policy in place that allows employees to speak freely about pressures?
- Are regular anonymous surveys conducted to assess employee morale?
In Conclusion
The verification and implementation of tools useful to combat fraud must be administered in the organizations by specialized companies that can support the Internal Audit function, the Supervisory Body or Compliance to work effectively in compliance with the regulations.
