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Fraud Prevention Strategies: Identifying Risks and Implementing Controls

Explore fraud awareness, prevention techniques, and responsibilities in detecting and investigating fraud within organizations. Learn about the Fraud Triangle and effective prevention plans to safeguard against deception and unlawful gain. Contact Dr. Atis Zakatistovs for more information.

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Fraud Prevention Strategies: Identifying Risks and Implementing Controls

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  1. What a mess – how could all this was allowed to happen? Dr. Atis Zakatistovs RBS March 24, 2014

  2. Fraud • A deception deliberately practiced in order to secure unfair or unlawful gain.

  3. Fraud awareness quiz (Steve Giles) • Who is responsible for preventing and detecting fraud in your organization? • What percentage of employees do you consider to be totally honest? • What percentage (by value) of internal fraud is committed by women? • Who is responsible for investigating fraud in your organization?

  4. Generic controls • Segregation of duties; • Delegation of authority and authorisation limits; • Physical and computer security over assets, records and information;

  5. Fraud prevetion – hard controls • Staff vetting; • Internal controls; • Anti-fraud policy statement;

  6. Fraud prevention – soft controls • Employee support programmes; • Fraud awareness training; • Management review of internal controls;

  7. Fraud prevention plan • An assessment of fraud risk; • A policy statement, including a fraud response plan; • A fraud awareness training program; • Staff vetting procedures; • A whistle-blowing hotline.

  8. Fraud triangle (Donald R. Cressey) • Psychological pressure; • Opportunity; • Rationalisation;

  9. Thank you! • Dr. Atis Zakatistovs • E-mail: zakatistovs@yahoo.com • +371 2 941 3992

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