Corporate Research and Investigations
By Corporate Research and Investigations
Corporate Research and InvestigationsDec 17, 2021
What is fraud? And what are the examples of fraud?
What is fraud? And what are the examples of fraud that you need to know?
Fraud is the false misrepresentation of facts to gain dishonest advantage or gain unlawful benefit from a person or activities. Fraudulent activities may result in loss of money, property, legal right, or any substance of value.
The impact on fraud victims can span across financial loss, sometimes leading to loss of life. Frauds can be perpetrated in any part of society. There are classic examples of frauds perpetrated in governmental organisations, multinational organisations, religious bodies, small businesses, and families.
In 2016, the annual cost of fraud in the UK is estimated to be as high as £193 billion according to the UK Fraud Costs Measurement Committee. In most countries, Fraud is a serious offence, and it carries fines and jail time. Countries like the UK, US and Canada have strong fraud acts or regulations; however, people must be vigilant to protect themselves from being victims of fraudulent activities.
Find out more about CRI Group Insurance Fraud Investigation and Investigative Sevice.
Risk Management and Due Diligence: How do both interlock?
Risk management and Due Diligence: How do both interlock?
Article: https://crigroup.com/risk-management-and-due-diligence/
How do the risk management and due diligence interlock? What are the key differences and the importance of both to your organisation? Find out more from this blogcast or read the articles from our website.
If you want to dive deeper into how to start a risk assessment, read our Risk assessment breakdown: Identification, Analysis, Evaluation
Managing third-party risks: A checklist
Managing third-party risks: A checklist
Article: https://crigroup.com/managing-third-party-risks-a-checklist/
Companies must be always on guard for third-party fraud. Due diligence isn’t just a corporate buzzword, nor is it a concept to keep compliance officers happy. It must be an integral part of every organisation’s core business model. Every organisation can do the following key third-party due diligence measures to stay better protected from supplier or contractor fraud.
Are you looking for a service provider due diligence checklist?
Due Diligence Checklist
Read more: https://crigroup.com/due-diligence-checklist/
It's critical to follow a well-defined and comprehensive due diligence process when it comes to service providers. Having a services provider due diligence checklist allows you to see what obligations, liabilities, or any types of risks you're assuming. We developed a complete due diligence checklist for you to use on your service providers for this article. Tap the link above to find out more.
Due Diligence vs Compliance
Due Diligence vs Compliance
Read more: https://crigroup.com/due-diligence-vs-compliance/
What are the key differences between due diligence and compliance? Why are both important as part of organisations risk management strategy? Listen to our blogcast or read the article from our website.
Compliance is reactive and a legal obligation made mandatory by a government or a regulatory agency. On the other hand, due diligence is proactive and is unmandated, though many organisations like to implement due diligence as a part of their guidelines and procedures. Due diligence is a measure of best practice from industries ranging from Pharmaceutical & Healthcare to Oil, Gas & Energy.
Reviewing and reassessing your organisation's third-party relationships
Reviewing and reassessing your organisation's third-party relationships
Read more: https://crigroup.com/third-party-relationships/
The global pandemic is rattling economies worldwide, disrupting supply chains, interrupting production, wreaking havoc on industry sectors and shuttering businesses; this is having an impact on the third-party relationships businesses have.
It's highly probable that, at some point, organisations that affiliate with outside providers will eventually have to deal with any number of operational interruptions resulting from a third-party relationship-related issue. And while the risks involved in partnering with outsiders haven't changed over time, the potential level of liability has been ratcheted up several notches.
Five simple steps of fraud prevention strategy
Read more: https://crigroup.com/fraud-prevention-strategy-build-one-in-five-easy-steps/
A fraud prevention strategy is one of the key policies that can aid an organisation in safeguarding itself against reprimands of the matter. One of the greatest encounters a fraud auditor can confront is the mission of persuading management that the peril of fraud exists across all aspects of corporate culture – regardless of whether it is from internal factors or external factors. Sadly, fraud cannot ever be eradicated from the corporation as collusion is adept in continually conquering routine organisational regulations.
Consequences of neglecting employee background checks
Before COVID-19, it was found that an estimate of 85% of organisations testified to conducting background screening of some type. On the same note, a vast 92 per cent stated that they trust their employees with confidential data but without the assistance of a background screening measure. Background screening is vital to organisations of all types and industries as it can assist in authenticating that your employees’ record of accomplishment and help avoid a bad hire.
Find out other ways COVID has impacted the hiring process or download our Background Screening brochure.