A Short Guide to Fraud Risk: Fraud Resistance and Detection (Short Guides to Business Risk)
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Where the content of the eBook requires a specific layout, or contains maths or other special characters, the eBook will be available in PDF PBK format, which cannot be reflowed. For both formats the functionality available will depend on how you access the ebook via Bookshelf Online in your browser or via the Bookshelf app on your PC or mobile device. Stay on CRCPress. Preview this Book.
Add to Wish List. Close Preview. Toggle navigation Additional Book Information. The book gives a concise but thorough introduction to the risk of fraud based on a six-element strategy. It includes practical steps to assess and treat fraud risks across an organisation, including those relating to executive directors. It also provides practical steps to develop fraud awareness across an organisation and how to implement an effective fraud detection and incident management program. The application of the principles is illustrated with example documents and numerous case studies aimed at assisting the reader to implement either individual elements or a complete fraud risk management strategy.
Table of Contents Contents: Foreword; Managing fraud risk; Developing an anti-fraud culture; Assessing fraud risk; Treating fraud risk; Detecting fraud; Managing incidents; Measuring fraud resistance; References. Author s Bio Nigel Iyer is a practitioner in fraud and corruption risk management with an emphasis on proactive prevention. Martin Samociuk was also a practitioner in fraud and corruption risk management.
Both have extensive practical experience in this field in most parts of the world.
R isk D r iver s There is some debate as to whether reputation is a driver or an output and there is a good case for each. As a driver, it has an influence on relationships and thus a good reputation has a positive benefit as an endorser. As an output, a good reputation is the result of operational effectiveness and efficient service 35 3 A Sh o r t Gu id e t o R epu t at io n R isk delivery.
In short, each saw reputation as the responsibility of the other, a telling indictment of how the subject is treated in the workplace. Since the mid s various authors have tried to identify specific drivers of reputation risk and there are a number of different approaches to this. I shall explain four below, although I find that clients like to specify their own list when conducting research. The Reputation Quotient gives an aggregate rank score for each corporation in an annual survey.
It does not attempt to weight this by stakeholder group. It is possible for an organisation to have a high RQ but still not have a good reputation amongst a key stakeholder group such as investors or customers. This suggests that the list has resonance today and can be used as a starting point, providing it is tailored to different stakeholder audiences.
A later approach to reputation risk driver analysis came from Dr. Brady identified seven sources of reputation or competitive elements Figure 3. Further details on these can be found in Chapter 3.
The Brady categories are designed to help identify the building blocks of a good reputation not to calculate a ranking against peers. The two lists do nevertheless offer a degree of similarity to anyone seeking to put a name to reputation risk drivers.
Emotional connections Consumer perception of value; stakeholder alignment Leadership, vision and desire Governance style and practice; motivation and vision Quality Product or service delivery history; consistency Financial credibility History of creating better than average returns Social credibility Good citizenship, licence to operate etc.
Environmental credibility Must not be seen to add negative legacy for future Figure 3. The Spirit Model looks at 16 attributes across four categories Figure 3. This risk driver model identifies the relationship quality and indicates where improvement can be made. It highlights the risk where relationship quality is currently poor. A company with strong leadership and a sustainable business model will rank A1. This model serves as a strategic planning tool as well an identifier of reputation risk drivers. As reputation risk sits in the gap between company performance and stakeholder expectation any risk model must try to establish a measure of expectation.
Weighting is critical and the model is adaptable not prescriptive. Risk drivers for reputation risk must focus on a gap analysis between performance and expectation. If the expectation is low there is less risk to reputation by underperformance. Conversely of course, where the expectation is very high then the bar for performance will be equally elevated. Any shortfall represents a risk to reputation. The key is a reliable measure of expectation that does not accidentally influence raise or lower it through a survey.
Many organisations undertake regular customer satisfaction or employee feedback surveys, but these are not the same as expectation monitoring. Firstly they are generally conducted to prove or demonstrate adequate levels of satisfaction or empowerment so the purpose of the survey is not to measure but to provide evidence of departmental performance production, HR and so on. Secondly such surveys are 40 Id en t if y in g St ak eh o l d er s an d R isk D r iver s 3 conducted by the company itself and respondents know that this is not an independent enquiry compared to an attitude survey from a research agency.
Identifying stakeholders should be fairly straightforward but identifying risk drivers is more difficult. Most risk departments operate a framework to identify and control risk based on a potential financial impact or cost. Reputation risk is a relationship risk which may have a financial impact but it is rarely immediately apparent, thus it evades scrutiny.
As we shall see in succeeding chapters it is more important to determine the tools and controls than to specify risk drivers for this category of strategic risk. Su mma r y Stakeholder identification and appreciation is essential for reputation management. Primary stakeholders are vital components of the organisation without whom it would cease to function: investors, employees, customers and suppliers. Secondary stakeholders are no less important but the loss of any one or the addition of a substitute is not business critical.
The drivers of reputation are the metrics by which stakeholders evaluate the organisation and thus determine its value to them. For investors it will be financial performance whereas for employees it will be workplace conditions and opportunities for advancement. Most organisations can identify 6—7 separate drivers of reputation which must be watched closely.
Most risk reporting employs a four box grid or matrix based on the two critical indicators: severity of damage cost impact and probability of occurrence imminent likelihood See Figure 4. As has already been explained by Nassim Taleb in Black Swan a failure to appreciate the low probability risks can be dangerously deceptive. Reputation risk cannot easily be placed in these boxes.
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Probability is difficult to predict, relying as it does on the actions, behaviour and performance of the company that is, its staff and management to meet stakeholder expectations. Severity of risk is dependent not only on how big the gap actually is between company performance and stakeholder expectation, but also on the speed at which it can be closed.
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Remember that one very good reason for an absence of insurance cover for reputation is the very real prospect of moral hazard. The risk needs to be expressed as a gap of varying size by each stakeholder group. As a starting point, identify the four primary stakeholder groups and show their expectations in relation to seven key risk drivers see Figure 4. This can help focus stakeholder research and ensure that any survey of attitudes probes for expectation in business critical areas for each relevant stakeholder group.
For each of the seven reputation determinants there will be subcategories and questions. For example, the employee stakeholder survey may focus on conditions in the workplace and the effectiveness of the management Figure 4. This approach is for a single stakeholder group on the basis of one set of questions.
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A second group worth considering are investors. With the help of the IR department it should be possible to ask investors a set of questions subtly different from those posed to employees, and more appropriate to their concerns and expectations see Figure 4. From these two examples it is clear that the seven reputation drivers provide a framework for identifying which issues are of particular significance to each stakeholder group. Armed with this knowledge any organisation can judge whether its performance meets, exceeds or falls short of stakeholder expectation for each of its key stakeholder groups.