Mitigate a potential fraud and safeguard your Business
One of the most effective ways to deal with the problem of fraud is to adopt methods that will decrease motive, restrict opportunity and limit the ability for potential fraudsters to rationalise their actions. Prevention techniques include the introduction of policies, procedures and controls, and activities such as training and fraud awareness to stop fraud from occurring.
Any type of fraud can result from varied relationships between victims and offenders; for instance;
At Crowe Horwath, our team combines in depth knowledge of the business and market with detailed knowledge and experience of fraud to diagnose potential fraud risk.
Our diagnostic process mostly involves the following;
Based on recent surveys, many organisations do not have a formal approach to fraud prevention. This is extremely perilous because once a fraud has already occurred, the likelihood of recovering stolen funds or assets is often relatively low or the process could be very difficult or lengthy.
Our fraud detection and prevention strategy aims at designing an effective strategy to manage the risk of fraud.A sound ethical culture and an effectivesystem of internal control are essential elements of an anti-fraud strategy.
Crowe Horwath’s Fraud Risk services and solutions include:
Know Your Employee Services #kye
Know Your Employee Services is the process of verifying the qualifications, suitability and experience of a potential candidate for employment. The techniques we use includes however does not limit only to as mentioned below.
Screening applicants reduces the likelihoodof people with a history of dishonest or fraudulentbehaviour being given a role within the company, andis therefore an important fraud prevention procedure.
Wrong hires are expensive. It is estimated that resume fraud costs employers approximately $600 billion annually.
Entrust your business in the right people.
Crowe Horwath’s proprietary online secured platform automates the process of conducting background checks, reduces the human intervention to the extent that the reports are generated on the platform and dispatched to the client. Clients also do have real time update by accessing the platform.
• Due Diligence
Do you ‘Know Your Customer’ well enough?
Are you doing or planning to do business with an organisation that is not quite well known to you or your company?
As it is said, your customers are the lifeblood of your organisation, however, not knowing them well enough may expose and subject your business to potential risks such as the hazards of losing reputation, operational and legal risks.
Hence the principle of ‘Know Your Customer’ goes well beyond knowing the customer’s type of business to understanding the business relations that the customer has with other entities and networks, in order to mitigate the risk of the likelihood of getting caught in a web of potential criminal activities.
This briefing note sets out the principles to be implemented when new customers are acquired, and the importance of continuous monitoring of the operations of existing customers.
The objective is to emphasise that just ‘Knowing Your Customer’ is not enough, rather, a comprehensive due diligence carried out by experts is crucial for your business. The cost and time for conducting such due diligence procedures is not even a fraction of the financial and/or reputational loss that a business may face.
Importance of conducting due diligence
Managing Your Organization’s “Network” of Relationships
In the race to stay competitive, organizations are partnering with more third parties than ever. While the rewards may be compelling, identifying, quantifying, and mitigating the risk can be an overwhelming task. Crowe Horwath’s suite of third-party risk management services can assist your organization in optimizing its program, analyzing its portfolio of relationships, and assessing individual third parties to help minimize potential harm and maximize return.
Crowe Horwath provides solutions, technology, and ideas to make the most of your third-party risk management activities. Whether it’s supporting discrete assignments, augmenting staff, or performing a holistic assessment of your program, our experienced team of professionals can assist you in understanding and managing third-party risks. If the third parties you work with span the globe, our team can provide you with qualified resources overseas for third-party risk management activities.
Crowe Horwath brings unmatched expertise and experience to each fraud-prevention engagement and works fast to address and preserve your company’s financial and professional integrity.