Fraud: A Fresh Look at an Old Problem

Official Supporter Fraud Awareness Week
International Fraud Awareness Week: November 14-20, 2021

As an official supporter of International Fraud Awareness Week, DHG is proud to join the global effort to minimize the impact of fraud by sharing the latest anti-fraud knowledge and resources.

Organizations large and small continue to lose precious resources to fraud – according to the Association of Certified Fraud Examiners (ACFE) 2020 Report to the Nations, CFEs estimate that organizations lose five percent of revenue to fraud each year. Unsurprisingly, it’s an uncomfortable topic for organizational leadership because most CEOs, boards and other leaders would rather focus on strategy and growth. When the current global conversation is usually focusing on diversity and inclusion, employee retention strategies and the like, it may be too great a pivot to discuss if, how and why those same employees may be stealing from you.

To be fair, many chief risk officers, chief audit executives and others are focused on fraud within their organizations. However, we have discovered in many of our conversations with leadership teams and boards that there is a reluctance to have a real conversation about fraud, resulting in ineffective fraud risk mitigation strategies. Since DHG recognizes the importance, as well as the challenges, of engaging senior leaders, board members and other key stakeholders in the discussion of fraud, we set out to develop a tool to facilitate those discussions, drive consensus and produce results. The result is the DHG Fraud Risk Lifecycle. The power of the tool is its simplicity, bringing focus, encouraging robust discussions and driving consensus to resource anti-fraud strategies.

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