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Fraud Smart by K. H. Spencer Pickett

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Appendix A

Corporate Fraud Smart Policy

AIM OF THE FRAUD SMART POLICY

The corporate Fraud Smart policy aims to ensure that the risk of fraud is minimized through the implementation of the Fraud Smart risk cycle. This seeks to equip our workforce with the relevant understanding and tools required to protect the reputation of our organization.

Figure A.1 The Fraud Smart cycle.

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Our goal is to help raise awareness among non-specialists to help get everyone involved in the fight against fraud. We have set a zero tolerance for all behaviour that breaches or may appear to breach criminal laws, our code of conduct and/or our policies and procedures at work. We aim to succeed in fighting fraud and not see our reputation suffer by becoming a target. We will do this by making sure that everyone:

  • Understands the threat of fraud.
  • Appreciates their role in fighting fraud.
  • Embraces a sound moral compass.
  • Recognizes red flags that suggest that fraud may be happening.
  • Is part of the process for ensuring that sound controls are in place to guard against the risk of fraud.

Our employees should have a good understanding of the risk of fraud and its potential impact on the organization, along with how this risk can be managed.

DEFINING FRAUD

Fraud is defined as:

Any act or omission involving deceit that attempts to deceive others, in a way that results in the victim suffering a loss and/or the perpetrator ...

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