#6 Ready, Steady, AIM…at Fraud and Corruption

By 30.06.2020 November 3rd, 2020 Journey

When resources are stretched, it’s not productive to argue about whose fault it was that frauds were missed and not picked up sooner. A healthier aim would be to work together to stop fraud at the door…and not focus on blame.

Aiming to always keep the cost of fraud in our sights.

Immunisation against fraud and early detection is the transformational change we need now to preserve cash, and focus on those essential costs which contribute to healthier and more vibrant organisations in the future. We could ask ourselves:

  • Does our organisation sit back and wait for the eventual whistleblower, or is everyone trained to spot suppliers, customers, management, partners and employees who are misbehaving and reel them in before things spread?
  • Do we and our management feel that if the external auditors did not discover any fraud this year, then the future is rosy and fraud-free?
  • If serious fraud is discovered which internal positions should get the blame? (note: this could be a trick question!)

Getting to grips with these kinds of questions will give us a feeling for the mood inside our organisations, and if you wish, how to transform from an everyday compliant organisation to motivated teams which really keep fraud out!  Keep it simple: Practical awareness training, a recognition that fraud happens all the time, and a mindset to detect fraud early will save organisations huge amounts of money. The next stage could be to use pre-crime tools to follow the money combined with augmented reality and accessible artificial intelligence.

Alongside our B4 Pre-Crime solution we have developed and tested our “AIM 42 tool” which consists of 42 key questions to help organisations identify where and how to get the maximum payback from their essential cost/ “remove fraud” initiatives.

ICAEW Event July 3rd – Insights of a Fraud Detective

“How to Find Fraud Early” is a 1-hour webinar aimed at passionate accountants and auditors who want to make a difference.  Nigel Iyer has wanted to hold this course for the Institute of Chartered Accountants in England and Wales (the ICAEW) ever since he joined three decades ago.  Now he has finally been given the chance.  This interactive webinar is open to non-members too:

Register at ICAEW using this link or
https://latest.icaew.com/47WY-UWKL-2566E5HEBA/cr.aspx?v=1