Fraud is prevalent in the world today and every industry is affected. It is critical that organizations establish an anti-fraud culture that emphasizes fraud prevention and detection through executive leadership, policy, training, understanding of fraud risks and monitoring/auditing for fraud. This anti-fraud culture must be embraced by the organization’s management and board; in fact, a senior member of management with access to the board should be responsible for processes to promote ethical behavior, deter wrongdoing and ensure proper communication.
Brown Smith Wallace fraud prevention and detection solutions focus on stopping fraud before it occurs and detecting fraud in its early stages. The longer an incident of fraud goes undetected, the more money the victim organization loses. According to the Association of Fraud Examiners, proactive measures—surveillance/monitoring, IT controls, account reconciliation, internal audit and management review, for example—catch fraud sooner and minimize losses. Frauds that are caught by reactive measures—a tip, confession, document examination, by accident, external audit or notification by law enforcement—last longer and cause more harm.
Our team, which includes Certified Fraud Examiners (CFE) and Certified Forensic Accountants (Cr.FA), can help your organization develop proactive fraud prevention solutions, including:
- Anti-Corruption Programs – A proven methodology designed to provide a logical approach to ensure appropriate controls are in place to prevent, detect and respond to corruption activity.
- Audits & Internal Control Assessments – It is essential that duties are segregated and that controls are in place within your processes so that opportunities to commit fraud are limited.
- Code of Conduct/Anti-Fraud Policy – A key to effective fraud prevention is a code of conduct and/or anti-fraud policy that lays out clear guidance as to permitted/prohibited behavior and actions.
- Ethics Hotline/Training – Providing individuals a means to report suspicious activity and conducting targeted fraud awareness training for employees and managers.
- Fraud Data Monitoring – An approach used by leading companies to highlight exceptions and anomalies to help prevent or detect fraudulent activity through the continuous or periodic analysis of data.
- Fraud Prevention Check-up – Fraud prevention check-ups can be a quick and cost-effective way for you to evaluate whether your company is properly addressing fraud prevention.
- Fraud Risk Assessment – Taking a proactive approach to understanding and systematically identifying where and how fraud may occur and who may be in a position to commit fraud.
- Policy and Procedure Assistance – Policies and procedures are an important way to ensure an organization has the right practices in place to prevent fraud. Management must clearly communicate such practices to employees.
To schedule a fraud risk assessment or discuss your fraud prevention and detection strategy, contact Ron Steinkamp.