Countering Fraud for Competitive Advantage: The Professional Approach to Reducing the Last Great Hidden Cost

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Countering Fraud for Competitive Advantage: The Professional Approach to Reducing the Last Great Hidden Cost

Format:  Hardcover,

202 pages

Publisher: John Wiley & Sons Inc

Publish Date: Apr 2013

ISBN-13: 9781119994749

ISBN-10: 1119994748

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The following content was provided by the publisher.
Substantially reduce the largely hidden cost of fraud, and reap a new competitive advantage.

As the title suggests, "Countering Fraud for Competitive Advantage" presents a compelling business case for investing in anti-fraud measures to counter financial crime. It looks at the ways of reaping a new competitive advantage by substantially reducing the hidden cost of fraud. Aimed at a wide business community and based on solid research, it is the only book to put forward an evidence-based model for combating corporate fraud and financial crime.

Despite its increase and capture of the news headlines, corporate fraud is largely ignored by most organizations. Fraud is responsible for losses of up to nine percent of revenues--sometimes more. Yet, most organizations don't believe they have a problem and don't always measure fraud losses. This highlights an area for capturing a competitive advantage--with the right counter-fraud strategy, massive losses due to the cost of fraud can be reduced for a fraction of the return.Advocates a new model for tackling fraud and illustrates theories with best practice examples from around the worldThe authors have close links with the Counter Fraud Professional Accreditation Board: Jim Gee is a world-renowned expert in the field, and has advised private companies and governments from more than 35 countries. Mark Button is Director of the leading Centre for Counter Fraud Studies, Portsmouth University, U.K.

Organizations are losing millions of dollars to fraud. This book outlines a comprehensive approach to reducing financial crime and helping return some of the revenue lost to the cost of fraud.

Specifications

Publisher: John Wiley & Sons Inc
Publish Date: Apr 2013
ISBN-13: 9781119994749
ISBN-10: 1119994748
Format: Hardcover
Number of Pages: 202
Shipping Weight (in pounds): 1.0
Product in Inches (L x W x H): 6.25 x 9.25 x 1.0

Chapter outline

Introductionp. 1
Book Outlinep. 4
End Notesp. 5
The Fraud Problemp. 7
Introductionp. 7
The Fraud Problemp. 7
The Extent of Fraudp. 15
Trends in Fraudp. 20
The Impact of Fraudp. 25
Conclusionp. 29
Further Readingp. 29
End Notesp. 29
The Fraudster and the Culture of Fraudp. 33
Introductionp. 33
Understanding the Fraudsterp. 33
Cultures and Fraudp. 43
Conclusionp. 46
Further Readingp. 47
End Notesp. 47
The Resilience to Fraudp. 51
Introductionp. 51
National Resiliencep. 51
Organisational Resiliencep. 56
Further Researchp. 63
ACFE Researchp. 63
Understanding the Problem: Fusing the Fraudster, the Culture, and the Structures of Resiliencep. 65
Conclusionp. 66
Further Readingp. 67
End Notesp. 67
Measuring Fraud Losses and Tailoring the Strategyp. 69
Introductionp. 69
The Problem with Risk Managementp. 70
Measuring Fraudp. 71
Wider Benefits of Fraud Measurementp. 81
Conclusionp. 82
Further Readingp. 83
End Notesp. 83
Creating an Anti-Fraud Culture and Preventing Fraudp. 85
Introductionp. 85
Situational Measuresp. 85
Creating an Anti-Fraud Culturep. 94
Conclusionp. 98
Further Readingp. 99
End Notesp. 99
Detecting Fraud and Investigating Professionallyp. 103
Introductionp. 103
The Costs of Investigationp. 103
Who will Investigate?p. 104
Proactive Investigationsp. 107
Reactive Investigationsp. 113
Conducting Fraud Investigationsp. 115
Psychology and Investigationp. 125
Conclusionp. 128
Further Readingp. 129
End Notesp. 129
Sanctioning Fraudsters and Pursuing Redressp. 131
Introductionp. 131
Understanding Fraudsters and the Place of Deterrencep. 131
The Sanctions Tool Boxp. 133
Publicising Sanctionsp. 141
Conclusionp. 143
Further Readingp. 143
End Notesp. 143
Enhancing Performance through Counter-Fraud Metricsp. 145
Introductionp. 145
New Ways of Thinking About Security and Fraudp. 145
Developing a Counter-Fraud Metrics Programmep. 150
Define Overall Objectives/Metricsp. 150
Decide Metrics That Meet Those Objectivesp. 151
Develop Strategies for Generating Metricsp. 159
Establish Benchmarks and Targetsp. 160
Determine How Metrics will be Reportedp. 160
Create Action Planp. 161
Review/Refine Cyclep. 161
Challenges and Critique of Metricsp. 162
Conclusionp. 163
Further Readingp. 163
End Notesp. 163
The Counter-Fraud Professionalp. 165
Introductionp. 165
Counter-Fraud Professional Infrastructurep. 165
The Essence of the Counter-Fraud Professionalp. 171
Redefining the Counter-Fraud Professionalp. 176
The Counter-Fraud Departmentp. 177
Conclusionp. 178
Further Readingp. 178
End Notesp. 179
Reaping the New Competitive Advantagep. 181
Introductionp. 181
Bringing the Counter-Fraud Strategy Togetherp. 181
Reaping the Benefitsp. 183
How Quickly can Losses be Reduced and by How Much?p. 185
The World's 500 Largest Companiesp. 187
UK FTSE 350 Companiesp. 188
French CAC 40 Listed Companiesp. 190
German DAK 100 Listed Companiesp. 191
Concluding Remarks: Reap the Advantage!p. 191
Further Readingp. 192
End Notesp. 192
Indexp. 195

Book description

Substantially reduce the largely hidden cost of fraud, and reap a new competitive advantage.

As the title suggests, Countering Fraud for Competitive Advantage presents a compelling business case for investing in anti-fraud measures to counter financial crime. It looks at the ways of reaping a new competitive advantage by substantially reducing the hidden cost of fraud. Aimed at a wide business community and based on solid research, it is the only book to put forward an evidence-based model for combating corporate fraud and financial crime.

Despite its increase and capture of the news headlines, corporate fraud is largely ignored by most organizations. Fraud is responsible for losses of up to nine percent of revenues--sometimes more. Yet, most organizations don't believe they have a problem and don't always measure fraud losses. This highlights an area for capturing a competitive advantage--with the right counter-fraud strategy, massive losses due to the cost of fraud can be reduced for a fraction of the return.

  • Advocates a new model for tackling fraud and illustrates theories with best practice examples from around the world
  • The authors have close links with the Counter Fraud Professional Accreditation Board: Jim Gee is a world-renowned expert in the field, and has advised private companies and governments from more than 35 countries. Mark Button is Director of the leading Centre for Counter Fraud Studies, Portsmouth University, U.K.

Organizations are losing millions of dollars to fraud. This book outlines a comprehensive approach to reducing financial crime and helping return some of the revenue lost to the cost of fraud.

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