Fraud poses a tremendous risk and threat to organizations of all types and sizes, acting as a roadblock in their journey toward rapid growth. Among the various kinds of fraud that corporates face today, occupational fraud is likely the largest and most prevalent. To understand how occupational fraud is committed, detected, who commits it and how organizations can prevent it, The Association of Certified Fraud Examiners (ACFE) released its annual 2018 Report to the Nations – Global Study on Occupational Fraud and Abuse.
From a Southern Asia perspective (which includes India), tips have been used extensively to detect occupational fraud, followed by internal audit and management review. Instituting whistle-blowing mechanisms and setting up multiple channels to report concerns will be key, and companies can proactively address a lot of issues if hotline complaints are addressed in a proper and timely manner.
Download the full report here: ACFE Report to the Nations 2018