With the frequency and scale of fraud occurrences on the rise, reducing risk now needs to be everyone's responsibility. HR, IT, Finance and the Audit team all need to collaborate and work together as an effective unit in order to successfully protect the business.
Business leaders will also now be forced to balance anti-fraud investment, an item which may have suffered previously as a result of cost cutting.
For today’s smarter fraudsters, weak controls and fewer resources provide an ideal opportunity for exploitation. If cost cutting really is necessary, then it must be carefully balanced with risk management – as short term savings have the potential to expose the business to further risk, resulting in long term losses if not managed effectively.
74% of fraud cases involved the exploitation of weak internal controls by fraudsters, and newly announced government proposals are set to make the boardroom more accountable.
Part 3 of our myth busting guides will help you prepare a corporate responsibility plan for your organisation’s internal fraud risk strategy by identifying the stakeholders needed for collaboration, enabling you to increase awareness, surveillance and diligence, and to reduce fraud risk.
"1 in 5 employees are not aware of the existence of a formal ethics and compliance programme."
eBookCyber security protection: No size fits all.
Many companies remain overconfident in their ability to defend themselves against attacks. The truth of the matter is that fraud is not just a firewall/cyber security system issue.
DatasheetPT-X Protect: Protecting Your Payments & Mitigating the Risk of Fraud and Error
As part of the PT-X® Payments and Business Solutions Suite, PT-X Protect helps to facilitate an organisation’s payments best practice. By focusing on proactive detection and prevention, payments can be analysed for indicators of potential fraud or errors.
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