As we move into the Christmas season and 2021 approaches and we learn to turn the corner against the pandemic, we can take advantage of the disruption to also remove the rising cost of fraud. It needs a bit of a reset, a fresh mindset, with all hands-on deck!
Stay on Target: Beat the 2021 Covid Credit Crunch and remove the cost of fraud
A fresh study this month from the University of Portsmouth puts the cost of fraud in 2019 at 6.05% of world GDP. Academic studies aside, all the indications in 2020 are that cost on society is rising as the criminals get more desperate. There is nothing like a crisis to galvanise us into action!
Also, we are delighted to read an article from the Association of Certified Fraud Examiners this month, which educates specialist fraud professionals, hinting at what we believe is a U-Turn, saying “Empowering employees with the knowledge and awareness of fraud in the workplace is key…”.
The failure over the past few decades to curtail fraud, gives us a chance to learn from mistakes, rethink everything, and not lick our wounds! In our view the fresh 2021 mindset should include:
- A collective effort in organisations and society to embody the precrime mentality to “see, say and sort out” fraud, saving costs and avoiding trouble down the line
- Taking charge of technology and data to get better insights without the need to travel all the time, and without letting technology take over
- Focussing on removing waste now and those essential costs which will navigate us out of the crisis and build a better, safer, and stronger world for everyone.
Our mantra “everyone is a fraud detective” is finally gathering momentum to shape the financially resilient and robust organisations for the future.
7th December Live-Online 09.00–09.50 and 17.00-17.50 (Managing money in the Crisis)
Take the first step, have your say, and hear the experiences of 3 leading experts in their fields: Steven Swientozielskyj (Finance and Business Partnering Thought-Leader and Centenary Year President of the Chartered Institute of Management Accountants), John Wallhoff (Leading Fraud Data Scientist) and Nigel Iyer (International Fraud Detective for 30 years).
You can register here for this 50 minute Live-Online event.