Initiatives to raise fraud awareness in your organisation during International Fraud Awareness Week 2020
by: Scott McLintock
International Fraud Awareness Week runs from 15 – 21 November 2020. What initiatives does your organisation have in place to raise awareness about fraud?
COVID has impacted people’s livelihoods and their day to day lives. This has changed the risk profile for organisations and has increased the risk of internal and external fraud being perpetrated as people facing difficult times may be minded to exploit control vulnerabilities where they previously had no motivation to do so.
Listed below are a couple of initiatives that you could incorporate into any fraud awareness program you may be running this week or use this as inspiration if you have nothing planned:
- Email communication to staff from a senior executive about fraud risk, the importance for staff to remain vigilant and to encourage staff to speak up if they see anything they believe is not aligned with company values including alleged fraud
- Take the opportunity to remind staff about avenues available to them to raise a concern (e.g. internal whistleblower portal, to their line manager, to HR, to the executive team, etc.)
- Town Hall or staff meetings (in person or virtually) where fraud risk is discussed and encouraging staff to remain vigilant and to speak up if they see anything they believe is not aligned with company values including alleged fraud
- Prepare an anonymised fraud case study that can be communicated and discussed at team meetings (e.g. how the fraud was identified, how it was investigated and what the outcomes were)
- Re-enliven any fraud awareness training your organisation may undertake from time to time (i.e. what is fraud, the common methods of fraud, how to identify fraud and what to do if you see something you believe is fraud)
- Direct staff to the Code of Conduct and relevant policies where fraud is discussed
- Direct staff to the Fraud Week website and have them complete a brief fraud quiz and review relevant material on the website which includes videos regarding fraud, or have them join any of the online webinars that are scheduled
We also recently published an article on the need for organisations to have a Fraud and Corruption Response Plan in place to respond to allegations of fraud in a timely and consistent manner. The article can be accessed here if it is of interest.
These are just a couple of ideas that we hope gets you thinking about how you can raise awareness about fraud in your organisation but If you want to discuss any of the above initiatives, do not hesitate to reach out.
For further information concerning the issues discussed in this article, please contact CurbyMcLintock on +61 2 8387 0389 or firstname.lastname@example.org
About CurbyMcLintock and the Author
CurbyMcLintock is a boutique forensic services firm that helps organisations mitigate against and respond to risk including raud and corruption risks. They can assist with the implementation of preventative measures to help keep an organisation safe and mitigate against incidents occurring in the first place. This includes the implementation and management of whistleblower hotlines.
Scott McLintock is a Partner of CurbyMcLintock, and brings over 18 years of experience in the areas of investigation, fraud risk and governance. Scott can be contacted at: email@example.com
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WHO IS CURBYMCLINTOCK?
‘Because fraud happens’, you can’t afford to ignore it. A fraud can have a significant impact on an organisation beyond losses suffered directly from the fraud. There are also the costs associated with investigating, litigating, regulatory ramifications, public relations, staff management and the time required managing the fallout from a fraud.
A proactive approach is a sensible and cost-effective method to prevent fraud occurring in the first instance. We typically find that organisations rely on standard controls supported by policy and procedures as the only line of defence against fraud. This is simply not enough, and your stakeholders and regulators expect you to take a more robust, proactive approach to protecting your organisation from financial loss and other associated risks.
CurbyMcLintock can assist you become fraud resilient by adopting a methodology which combines skilled interviewing techniques and tapping into the knowledge of your staff who are at the coalface of business operations, to help uncover where your organisation is exposed to internal and external fraud. We will then provide you with mitigation strategies to reduce the risk of a fraud incident occurring