Ten Early Warning Signs of Fraud in Organizations - Slide 2

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This sign is just as applicable to suppliers and contractors as it is to internal departments and functions within the organization. Erratic, incomplete, late or excuse-laden management reporting is often a classic sign that something is wrong. One of the possibilities is the existence of fraud. Further investigation will reveal that lip service and increasingly tenuous explanations are given assertively to thwart follow-up activity. Common excuses used are often the frequent occurrence of IT failures, technology compatibility issues between different company systems or international systems. It is also often the case that once reports are complete, there are typically delays in them reaching those who need to review the data.

ACTION: Insist on up-to-date reporting, within a set timetable and then build this into the internal GRC (Governance Risk and Compliance) systems. Wherever appropriate, adopt an enterprise-wide approach to technology to help with systems issues.

Anti-fraud consultancy UKFraud.co.uk has published a list of 10 common early warning signs that could alert management that fraud may be occurring in their organization. The list draws upon UKFRAUD.co.uk’s substantial experience across an international client base, ranging from major financial institutions, public sector bodies and corporations to SMEs and non-profit making organizations. The list works on the assumption that whatever tools they use, be it IT-based cons and false accounting or other traditional scams, the warning signs are often the same. As UKFraud.co.uk believes that awareness of the signs and a sound approach to countering them can often deter many opportunistic incidents of fraud, it has published the list to help executives benchmark their own operations. Suggested actions that can be taken to counter the risk of fraud are given following each sign.

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