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Counter Fraud

Before investing....understand your gaps.

Author: Ian Tuke

In our last newsletter, we introduced the four key areas of activity in a robust counter-fraud programme: planning, prevention, detection and response – touching on some practical ways to address each area. Our clients are consistent in one aspect – they are all looking to apply the right level of effort and resource to treat this key business risk, without over or under ‘cooking’ it.

Organisations of all sizes are asking us “how good are we?” and “what should we have in place?” Our Counter-Fraud framework is designed to help clients in two key ways. First, it helps clients appreciate how the various measures they have work together to treat the risk of fraud and corruption. Second, our clients find running a gap analysis workshop is an efficient method to quickly compare the measures they have in place today with a better practice benchmark. This process provides a snapshot of strengths and weaknesses and clarity around what may need attention.

The framework is based on a blend of leading guidance material and our decades of experience in helping clients plan for, prevent, detect and respond to fraud and corruption risk.

  • “Why do anything?” At the core of the framework (shown in the model to the right) is the requirement to protect your reputation, culture and finances.
  • “What to do?” – your current activity of planning, prevention, detection and response.
  • And finally “Who needs to be involved?” Underpinning any successful Counter-Fraud programme is the engagement of three groups of people: Oversight – Depending on your size, the Board or Audit Committee; Senior Management - the senior leaders in your organisation who set the right ‘tone at the top’; and Line Management and staff - the operational leaders and staff who will implement the counter-fraud measures.

Framework

You may as well have some fun while you get across your gaps! Below are some insights into the running of our workshops: 

We find getting key people from various levels and functions across the organisation together to assess your gaps is a really effective way of getting broad engagement and a robust outcome.

To eliminate the risk of ‘big personalities’ skewing the results one way or another, we use anonymous voting technology in the interactive workshops. This provides a realistic view of your ‘current state’. The team then rates approximately100 elements. During this process the team will be building a picture of your organisation which we use to identify the gaps in your counter fraud programme..

Feedback suggests that having an independent Counter-Fraud professional facilitating the session allows participants to tap into ‘war stories’ and ask for guidance to help provide context around the elements they have been asked to review. 

In our next newsletter we will be looking at the next step in this process -Fraud Risk Assessments – a key prevention measure & what an effective one looks like. 

Please contact Ian Tuke to learn more

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