|
All organizations are susceptible to fraud, regardless of size, location, type or industry. The 2010 Association of Certified Fraud Examiners' (ACFE) Report to the Nations on Occupational Fraud and Abuse states that a typical U.S. organization will lose 5% of its annual revenue to fraud.
Taking actions to minimize the likelihood of fraud occurring. Taking actions to identify the potential existence of fraud. Taking actions to determine if fraud has occurred, and if so, to what extent. Taking actions to minimize the likelihood of future occurrences of fraud and seek recovery of losses. Organizations typically derive the most benefit by focusing on Fraud Prevention, with the next logical emphasis being Fraud Detection. Unfortunately, many organizations do not consider themselves vulnerable until it is too late and by then losses are often large and difficult to recover.
|
