Identify, manage and prevent fraud
As a result of fraud, companies are less financially healthy and stable than they would otherwise be. In November 2017, the UK Supreme Court declared in a landmark case a new test for dishonesty. This re-alignment of the criminal test for dishonesty is significant for both businesses and their employees.
The court overruled the long-standing second subjective limb test for criminal dishonesty (as set out in R v Ghosh) in favour of the objective civil law test.
This will erode the availability of subjective defences, possibly increasing the frequency of prosecutions for white collar crime offences against businesses and individuals.
In partnership with trained Accredited Counter Fraud Specialists (ACFS), different techniques can be applied to all stages of the fraud risk management process to ensure that a business stays on top of a fraud from prevention right the way through from investigation and remediation.
Types of Fraud Management Review
Elmore Fraud Management Review Services include the following categories:
Prevention
A fraud prevention assessment, highlighting the potential fraud risks that the business may be exposed to and sets out the proposed future use of the assessment as part of an overall anti-fraud and corruption strategy that is considered best practice by bodies such as the Chartered Institute of Public Finance & Accountancy (CIPFA), the Institute of Internal Auditors (IIA) and the Chartered Institute of Management Accountants (CIMA) amongst others.
Detection
Fraud detection training provides an overview of several types of financial fraud, including loan fraud, financial fraud and investment fraud. The course explains each offence, highlights certain red flags that should raise concerns and explains how these concerns should be escalated to the compliance department.
Investigation
Fraud and financial crime experts with a range of backgrounds in criminal investigations, forensic accounting and forensic computing, skilled at conducting sensitive financial investigations providing rapid response to any fraud investigation. Working closely with an international network of investigators to provide expertise across the globe no matter where the issue is discovered or what business sector it is in.
Remediation
When fraud does occur within the organization, policies should reflect the need to conduct a postmortem to identify the control weakness that contributed to the fraudulent act. The postmortem should lead to a remediation of any identified control deficiencies. A business may be able to re-engineer its business processes cost effectively to reduce or remove the opportunity for similar frauds in the future.
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