All businesses are, in some way, affected by fraud. However, the cost of this often remains hidden; either it is not measured at all, or it is measured inaccurately by using detected fraud losses, which don’t take into account the inevitable, undetected frauds. This book demonstrates that, on average, most organisations experience fraud losses of around 5%.
In a competitive market place, every business and organisation needs to look for innovative ways to reduce costs. Countering Fraud for Competitive Advantage: The Professional Approach to Reducing the Last Great Hidden Cost outlines a model designed to achieve significant reductions in fraud losses while utilising cost-effective methods, which can produce a return on investment of twelve times or more.
Key elements of the book include:
- An analysis of what fraud is and its impact on an organisation
- Insights into who commits fraud and the influence of culture
- The basic principles of fraud measurement and how this should shape an organisation’s overall counter-fraud strategy
- A wide range of tools used to prevent fraud and create an anti-fraud culture
- Emphasis on the importance of making fraud a cost, and the use of metrics and KPIs in countering fraud
Countering Fraud for Competitive Advantage: The Professional Approach to Reducing the Last Great Hidden Cost provides organisations with a complete toolkit to create an effective counter-fraud strategy, allowing them to reap the competitive advantage that will result from a significant reduction in fraud losses.
Practitioners looking for a straightforward end to end guide on tackling fraud will find this book useful. From understanding the fraud problem, measuring losses and resilience to examining the importance of sanctions and redress this book covers new and already established ground. It uniquely covers the subject of the counter fraud professional and what a professional counter fraud service and infrastructure should look like, which will help many managers in establishing effective operations. Read alongside other academic counter fraud pieces it gives a holistic picture of issues and solutions.
--Stephen Harrison, Chief Executive of the National Fraud Authority
