The ten risk areas include: new ways of getting around current anti-fraud processes and IT systems, the risks associated with acquiring or starting new businesses, inadequate board awareness and fear of legal action over false accusations. The guide also covers threats from contractors and international risks.
In each area, the guide challenges CEOs to consider whether their organisation is fully prepared to fight fraud or whether it could be better prepared. Then, for those who feel concerned by its content, the guide’s author, fraud consultant and commentator, Bill Trueman, highlights the likely symptoms of fraud and points to fundamental steps that can be passed down the organisation to initiate change.
Trueman, CEO of ukfraud, has an impressive multi-national track record of identifying and combating fraud. In his view: “Often CEOs are simply unaware of the real scope and extent of fraud in their organisation, frequently seeing it as the responsibility of others lower down the corporate food chain. However, in many cases, it is only their direction and determination that can create the right culture to combat fraud effectively. Our aim, with this guide is simply to help CEOs to ask the right questions.
“From our experience, CEOs lack the detailed knowledge of and often interest in fraud issues and yet it is from here that the greatest momentum to beat fraud can emanate. As the recovery continues, CEOs will drive their companies towards growth but the risks are even greater in recovery than they were in a recession.”