4 Ways to Limit and Better Manage Fraud: A Risk Perspective

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4 Ways to Limit and Better Manage Fraud: A Risk Perspective

Fraud is all around us, grabbing the headlines every single day. Fraud is a high-impact, low-probability risk with the potential to destroy a firm’s integrity and reputation very quickly. Many firms focus on the low-probability nature of fraud, and consequently fail to employ both resources and structure to address this risk. A typical fraud risk management framework includes the following components: governance, assessment, strategy and evaluation.

Let’s take a look at four steps a firm can take to develop and maintain an effective fraud risk management program.

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Your Organization Is More Vulnerable to Fraud During a Crisis. Here’s Why.

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Your Organization Is More Vulnerable to Fraud During a Crisis. Here’s Why.

While dealing with a crisis, like the current coronavirus pandemic, organizations may deploy an unusually large part of their resources and time for managing the incident and its impact. By doing so, organizations may suspend or limit some controls over critical processes. Fraudsters, whether internal or external, are waiting for this opportunity. Here are three major factors that make an organization vulnerable to fraud during a crisis.

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The Importance of Fraud Risk Management in Times of Coronavirus

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The Importance of Fraud Risk Management in Times of Coronavirus

We know that scammers take advantage of crises, exploiting people at their most vulnerable moments to propagate fraud attacks. International emergencies add a fear factor that aids criminals in information theft. Here’s how fraud risk management can help to prevent fraudsters from using the current environment to their own malicious advantage.

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5 Considerations for Your Third-Party Risk Management Program

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5 Considerations for Your Third-Party Risk Management Program

Fraud risk management should both inform and shape any third-party risk management program in conjunction with all the other risk disciplines. Now more than ever, with increased regulation and risk, organizations must conduct vigorous, structured and regular due diligence on third-party intermediaries. The risks posed by these parties are many and varied, ranging from cybersecurity to business disaster. With third parties accessing regulated company information, the likelihood and impact of IT security incidents are on the rise.

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A Tale of Two Cultures

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A Tale of Two Cultures

In Richard E. Nisbett’s book “The Geography of Thought: How Asians and Westerners Think Differently... and Why,” Nisbett describes a scenario where Western and Japanese students are asked to describe a painting of a koi pond. Western students focus on the largest fish while Japanese students describe the entirety of the painting, focusing less on one subject.

Of course, it’s a generalization, but what does it mean in the context of anti-fraud? In my experience working with Japanese organizations over the past decade, it means two very different approaches to the same problem.

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