Fraud is never a good thing, particularly when it goes undetected. But once identified, it can provide an opportunity to improve controls, lower costs and make organizational changes. Across the board, organizations can turn bad to good and derive value from a negative scenario.
When fraud inevitably arises, the opportunities it can create are worth exploring. On average, the Association of Certified Fraud Examiners (ACFE) estimates organizations lose approximately 5% of annual revenue to fraud. To that end, a dollar saved through risk mitigation is a dollar earned for an organization’s revenue. This article explores some strategies for identifying good fraud in your organization, including:
- Don’t Rely on Your Auditor
- Look for Red Flags
- Focus on High-Risk Areas
- Host a ‘Perfect Crime’ Dinner
Read the full article through Forbes Finance Council.
If you have any questions or would like to find out more about this topic please reach out to Jonny Frank.
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