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Countering Fraud for Competitive Advantage: The Professional Approach to Reducing the Last Great Hidden Cost

Book Description

Substantially reduce the largely hidden cost of fraud, and reap a new competitive advantage.

As the title suggests, Countering Fraud for Competitive Advantage presents a compelling business case for investing in anti-fraud measures to counter financial crime. It looks at the ways of reaping a new competitive advantage by substantially reducing the hidden cost of fraud. Aimed at a wide business community and based on solid research, it is the only book to put forward an evidence-based model for combating corporate fraud and financial crime.

Despite its increase and capture of the news headlines, corporate fraud is largely ignored by most organizations. Fraud is responsible for losses of up to nine percent of revenues—sometimes more. Yet, most organizations don't believe they have a problem and don't always measure fraud losses. This highlights an area for capturing a competitive advantage—with the right counter-fraud strategy, massive losses due to the cost of fraud can be reduced for a fraction of the return.

  • Advocates a new model for tackling fraud and illustrates theories with best practice examples from around the world

  • The authors have close links with the Counter Fraud Professional Accreditation Board: Jim Gee is a world-renowned expert in the field, and has advised private companies and governments from more than 35 countries. Mark Button is Director of the leading Centre for Counter Fraud Studies, Portsmouth University, U.K.

  • Organizations are losing millions of dollars to fraud. This book outlines a comprehensive approach to reducing financial crime and helping return some of the revenue lost to the cost of fraud.

    Table of Contents

    1. Cover
    2. Title Page
    3. Copyright
    4. Chapter 1: Introduction
      1. 1.1 BOOK OUTLINE
      2. END NOTES
    5. Chapter 2: The Fraud Problem
      1. 2.1 INTRODUCTION
      2. 2.2 THE FRAUD PROBLEM
      3. 2.3 THE EXTENT OF FRAUD
      4. 2.4 TRENDS IN FRAUD
      5. 2.5 THE IMPACT OF FRAUD
      6. 2.6 CONCLUSION
      7. FURTHER READING
      8. END NOTES
    6. Chapter 3: The Fraudster and the Culture of Fraud
      1. 3.1 INTRODUCTION
      2. 3.2 UNDERSTANDING THE FRAUDSTER
      3. 3.3 CULTURES AND FRAUD
      4. 3.4 CONCLUSION
      5. FURTHER READING
      6. END NOTES
    7. Chapter 4: The Resilience to Fraud
      1. 4.1 INTRODUCTION
      2. 4.2 NATIONAL RESILIENCE
      3. 4.3 ORGANISATIONAL RESILIENCE
      4. 4.4 FURTHER RESEARCH
      5. 4.5 ACFE RESEARCH
      6. 4.6 UNDERSTANDING THE PROBLEM: FUSING THE FRAUDSTER, THE CULTURE, AND THE STRUCTURES OF RESILIENCE
      7. 4.7 CONCLUSION
      8. FURTHER READING
      9. END NOTES
    8. Chapter 5: Measuring Fraud Losses and Tailoring the Strategy
      1. 5.1 INTRODUCTION
      2. 5.2 THE PROBLEM WITH RISK MANAGEMENT
      3. 5.3 MEASURING FRAUD
      4. 5.4 WIDER BENEFITS OF FRAUD MEASUREMENT
      5. 5.5 CONCLUSION
      6. FURTHER READING
      7. END NOTES
    9. Chapter 6: Creating an Anti-Fraud Culture and Preventing Fraud
      1. 6.1 INTRODUCTION
      2. 6.2 SITUATIONAL MEASURES
      3. 6.3 CREATING AN ANTI-FRAUD CULTURE
      4. 6.4 CONCLUSION
      5. FURTHER READING
      6. END NOTES
    10. Chapter 7: Detecting Fraud and Investigating Professionally
      1. 7.1 INTRODUCTION
      2. 7.2 THE COSTS OF INVESTIGATION
      3. 7.3 WHO WILL INVESTIGATE?
      4. 7.4 PROACTIVE INVESTIGATIONS
      5. 7.5 REACTIVE INVESTIGATIONS
      6. 7.6 CONDUCTING FRAUD INVESTIGATIONS
      7. 7.7 PSYCHOLOGY AND INVESTIGATION
      8. 7.8 CONCLUSION
      9. FURTHER READING
      10. END NOTES
    11. Chapter 8: Sanctioning Fraudsters and Pursuing Redress
      1. 8.1 INTRODUCTION
      2. 8.2 UNDERSTANDING FRAUDSTERS AND THE PLACE OF DETERRENCE
      3. 8.3 THE SANCTIONS TOOL BOX
      4. 8.4 PUBLICISING SANCTIONS
      5. 8.5 CONCLUSION
      6. FURTHER READING
      7. END NOTES
    12. Chapter 9: Enhancing Performance through Counter-Fraud Metrics
      1. 9.1 INTRODUCTION
      2. 9.2 NEW WAYS OF THINKING ABOUT SECURITY AND FRAUD
      3. 9.3 DEVELOPING A COUNTER-FRAUD METRICS PROGRAMME
      4. 9.4 DEFINE OVERALL OBJECTIVES/METRICS
      5. 9.5 DECIDE METRICS THAT MEET THOSE OBJECTIVES
      6. 9.6 DEVELOP STRATEGIES FOR GENERATING METRICS
      7. 9.7 ESTABLISH BENCHMARKS AND TARGETS
      8. 9.8 DETERMINE HOW METRICS WILL BE REPORTED
      9. 9.9 CREATE ACTION PLAN
      10. 9.10 REVIEW/REFINE CYCLE
      11. 9.11 CHALLENGES AND CRITIQUE OF METRICS
      12. 9.12 CONCLUSION
      13. FURTHER READING
      14. END NOTES
    13. Chapter 10: The Counter-Fraud Professional
      1. 10.1 INTRODUCTION
      2. 10.2 COUNTER-FRAUD PROFESSIONAL INFRASTRUCTURE
      3. 10.3 THE ESSENCE OF THE COUNTER-FRAUD PROFESSIONAL
      4. 10.4 REDEFINING THE COUNTER-FRAUD PROFESSIONAL
      5. 10.5 THE COUNTER-FRAUD DEPARTMENT
      6. 10.6 CONCLUSION
      7. FURTHER READING
      8. END NOTES
    14. Chapter 11: Reaping the New Competitive Advantage
      1. 11.1 INTRODUCTION
      2. 11.2 BRINGING THE COUNTER-FRAUD STRATEGY TOGETHER
      3. 11.3 REAPING THE BENEFITS
      4. 11.4 HOW QUICKLY CAN LOSSES BE REDUCED AND BY HOW MUCH?
      5. 11.5 THE WORLD'S 500 LARGEST COMPANIES
      6. 11.6 UK FTSE 350 COMPANIES
      7. 11.7 FRENCH CAC 40 LISTED COMPANIES
      8. 11.8 GERMAN DAX 100 LISTED COMPANIES
      9. 11.9 CONCLUDING REMARKS: REAP THE ADVANTAGE!
      10. FURTHER READING
      11. END NOTES
    15. Index