Fraud: A fresh look at an old problem…

Fraud is as old as time itself. Many of the approaches organizations take to combat it are as well, despite the enhanced risks arising from the COVID-19 pandemic. At DHG we have taken a fresh and holistic view of fraud. As we continue sharing our point of view on the many facets of fraud, we’ll provide you with practical advice to improve your fraud risk management program and mitigate your risk starting with our webinar, Culture and Fraud: Going Beyond the Triangle.

Regsiter for our Webinar:
Culture and Fraud: Going Beyond the Triangle

The DHG Fraud Model provides a comprehensive view and serves as the basis for exploring fraud risk management at any organization, regardless of where your current program is on the maturity scale.

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The Fraud Risk Lifecycle is influenced by Culture, Internal Threats, Governance and external threats. The Fraud Risk Lifecycle is composed of these steps:

  • Identify
  • Assess
  • Mitigate
  • Monitor
  • Respond
  • Remediate
The following key findings were pulled from the 2020 ACFE Report to the Global Nations. This study covered 2,504 cases from 125 countries causing total losses of more than $3.6 billion.
  • Typical fraud cases lasts 14 months before detection and cause a loss of $8,300 per month
  • 86% of cases are asset misappropriation schemes; 10% of cases are financial statement fraud schemes
  • 43% of schemes were detected by tips, and half of those tips came from employees
  • More than half of all occupational frauds came from these four departments: operations (15%), accounting (14%), executive/upper management (12%), sales (11%)
  • 42% of occupational fraudsters were living beyond their means; 26% of occupational fraudsters were experiencing financial difficulties

We have developed service offerings across the spectrum from risk identification to remediation, each designed to assist our clients deal with this pervasive threat. We bring a multidisciplinary approach leveraging our forensic accounting, risk advisory, cybersecurity and data analytics professionals to provide tailored approaches to our clients most vexing fraud issues. Whether you are looking to conduct a fraud risk assessment, need assistance testing internal controls or require an independent investigation, we are ready to assist you.

ANTI-FRAUD SERVICES

  • Investigations
  • Fidelity and other fraud claims
  • Litigation support
  • Digital forensics
  • Cybersecurity
  • Fraud risk diagnostics
  • Fraud risk assessments
  • Internal controls design and testing
  • Internal audit
  • Data analytics
  • Monitoring
  • Regulatory Compliance
  • Accounting restatements
  • Post-event remediation