Fraud Awareness, Training & Investigation
Fraud loss in the UK is widely accepted to be in the region of £200bn; the private sector is hardest hit and accounts for around three quarters of the loss, however, of course ultimately everyone pays for fraud, either through increased pricing or taxes.
However, the National Audit Office (NAO) report issued in November 2022 commented that the reality was that the UK Home Office does not know what fraud is costing the UK economy or what is being spent to tackle it.
However, we can be sure of two things:
Fraud to some degree or another impacts every organisation and individual.
The perpetrators are always coming up with new and innovative ways to commit fraud.
Counter-Fraud Training
A third of all business-related fraud is committed by employees.
The delivery of facilitated interactive financial crime awareness and training places an emphasis on audience participation. This delivery mechanism is key to provide a positive learning and development experience for those in attendance.
Businesses do not have the time or resource to apply significant oversight of its employees and managers and their approach to reducing the businesses fraud exposure.
Senior management and the Executive therefore typically rely on verbal assurance that the control framework, typically consisting of systems, controls, procedures or working practices is effectively applied. Rarely this is challenged and therefore trust is afforded.
Trust is not a control and it is trust that is exploited by fraudsters.
Counter-Fraud workshops are employee and manager facilitated sessions that are entirely focussed on identified areas of risk within the business. The focus of the workshop is to facilitate conversation flow and promote challenge amongst the attendees of the control framework in place, how it is applied, overridden, or ignored.
By identifying the weaknesses, or the absence of an effective control framework, the workshop output includes an action plan to reduce or remove financial crime risks and wider business risk, and ultimately affords increased assurance to the Executive.
At a glance:
We can help you train staff, create awareness and better identify fraud
We can help improve controls to detect and prevent fraudulent activities
We can provide ad-hoc support and advice in respect of counter fraud activities
Our Accredited Counter Fraud Specialists can investigate suspicions of fraud and support prosecution.
Fraud Risk Assessments
Unfortunately, too many businesses do not consider fraud or financial crime as a business risk until they are a victim.
A business will only effectively identify its financial crime risks by undertaking a bespoke financial crime risk assessment. There is no one size fits all risk assessment for identifying financial crime.
Often too much emphasis is placed on identifying perceived areas of risk. The emphasis must be on actual risk. Financial crime risks can be removed, mitigated, or they may not change, but these can only be in a business’s control if they identify the risks they are exposed to.
By understanding its risk profile and exposure, a business can undertake a programme of activities to ensure there are effective systems and controls in place to reduce their financial crime risk.
Fraud Resilience Review
The COVID-19 pandemic caused widespread concern and economic hardship for consumers, businesses, institutions, and communities across the globe. Times of uncertainty also increase vulnerabilities which can be exploited.
As businesses invoke continuity plans and many of their employees work remotely, they need to re-evaluate their risk-based approach to financial crime. Typically, the areas subject to increased financial crime risk includes HR, Sales, Procurements, Accounts, Finance and Payroll.
Our financial crime resilience review will determine where a business has actual areas of weakness in its approach to preventing, deterring, detecting, or investigating financial crime, and how these can be addressed, better protecting a business’s finances and reputation.
Counter- Fraud Policy and Procedural Review
Together, policies and procedures provide a roadmap for day-to-day operations of a business.
Counter-fraud and associated policies should reference compliance with laws and regulations, give guidance for decision-making, and assist in streamlining internal processes. Typically, the policies and procedures subject to financial crime review include HR, Disciplinary, Whistleblowing, Financial Regulations, Ethics and Conduct, Fraud and Corruption and the Fraud Response Plan.
Unfortunately, these, and other policies and procedures are not always adhered to by employees, for a variety of reasons, which includes policies and procedures that are out of date, are no longer relevant, too long to absorb or too difficult to understand.
The review will identify those policies that requires revision to ensure the inclusion of sector and recognised best practice, provide clear guidance, reference applicable law and regulatory requirements and the effective streamlining of processes.
Investigation
Should actual fraud be suspected then robust investigation and where appropriate prosecution of fraud reinforces a positive anti-fraud culture and deters similar attempts in future.
Our Accredited Counter Fraud Specialists can help you, providing advice, guidance and support throughout the process.