This book provides a user-friendly guide to current and emerging issues in fraud both internal to the company, and external. It explains the terminology used and sets out the chief risks which management accountants need to be aware of. It then sets out a practical framework for the management and mitigation of fraud risk. This is followed up by an explanation of what to do in the event of concerns that a fraud has been perpetrated, is underway or is being attempted.
The book also guides the reader through the process of dealing with the law enforcement authorities in the event of an investigation. The book is for all who are not professionals in risk management or investigation procedures, but who need to be aware of the issues, many of which will impact on their area of responsibility; it therefore aims to give them a user-friendly manual to the issue of fraud risk.
In addition, the book will provide a valuable update on emerging trends in the fraud environment. The author is a financial services and regulatory consultant with extensive experience in fraud risk management. She is also Manager, Corporate Governance for an international life company, and an examiner and moderator who lectures and writes extensively on a wide range of compliance and financial services matters.
The book is in three sections:
Section 1: What is fraud? What are the emerging trends in fraud at present?
Section 2: what risks may you encounter in your business, and what fraud management systems should you have in place?
Section 3: post-event fraud management – what to do when your concerns are aroused that a fraud has taken place or is being attempted?
What are the emerging trends in fraud at present?; Legal definitions of, and the law relating to, fraud; Different types of fraud; Some current analytical methods in fraud risk management; risks may you encounter in your business, fraud management systems should you have in place; Internal frauds External frauds; Information, Network and Internet Security; what the non-IT professional needs to know; post-event fraud management; what to do when your concerns are aroused; Immediate steps; securing the materials: The investigation: who should conduct it and who should be informed/involved?; Investigative techniques; Dealing with external parties;Dealing with insurers; Dealing with regulators; Dealing with the Law Enforcement Authorities; Fraud and regulated entities: senior management responsibilities; The aftermath of a fraud; The Law relating to evidence and the investigation of fraud