We are joining organisations around the globe to mark International Fraud Awareness Week, which gets underway on Sunday 13 November.
It's estimated that a typical organisation loses 5% of its annual revenues to fraud, so understanding fraud risks and developing an appropriate fraud prevention plan is crucial.
Despite this, 10% of organisations who responded to CIPFA's most recent Counter Fraud and Corruption Survey said they had no dedicated counter fraud service.
One of the largest areas of growth in fraud investigations in 2015/16 was in procurement, with public sector organisations reporting a five-fold increase in cases of procurement fraud.
To combat all types of fraud, we recommend that organisations should:
- have access to appropriately qualified counter fraud professionals,
- carry out fraud risk assessments regularly,
- fraud proof policies and procedures,
- ensure employee's know their responsibilities,
- raise fraud awareness in key teams including procurement, finance and human resources.