International Fraud Awareness Week, or “Fraud Week,” is a global campaign to minimise the impact of fraud by promoting anti-fraud awareness and education. This year, CRI Group is proud to once again be an enthusiastic Official Supporter of this annual movement for awareness and prevention. CRI Group offers some basic steps any organisation can take immediately to lessen their vulnerability to fraud from both inside and out. These measures should be followed year-round – but Fraud Week provides a great opportunity to get started.
1. Take a Proactive Approach to Fraud Prevention
A code of ethics for management and employees will help set the culture and expectations. Conduct regular fraud risk assessments and implementing effective internal controls to help reduce fraud. Find out if your organisation’s compliance program is in the line with worldwide Compliance, Business Ethics, Anti-Bribery and Anti-Corruption Frameworks.
2. Conduct Proper Due Diligence
Mergers, acquisitions and related major business transactions present plenty of fraud risks – some apparent, and some hidden. At such a critical juncture, conducting thorough, comprehensive due diligence is the key to reducing those risks.
3. Be Mindful of Cultural Differences
International expansion is a key goal among many larger organisations. However, corruption laws, enforcement, and cultural norms can vary greatly from one region to the next. Make sure any move is a good fit, and that risk factors are addressed every step of the way. Also, anti-bribery, anti-corruption standards and best practices like ISO 37001 Anti-Bribery Management System standard will help your organisation stay in compliance across international borders.
4. Conduct Background Checks
Your organisation’s hiring process should include thorough background investigations. Check educational, credit and employment history (as permitted by law), as well as references. Also, conduct post-employment screening to vet current staff.
5. Make Training a Priority
Ensure that staff members know the warning signs of fraud, and basic fraud prevention techniques. Customised training programs like those offered by the ABAC® Center of Excellence provide comprehensive learning for employees in the prevention of fraud, bribery and corruption.
6. Provide a Fraud Hotline
Statistics show that tips are the most common reporting method for corruption. Encourage them by providing an anonymous reporting system (a telephone hotline or online portal) for employees, customers, and contractors.
7. Don’t Tolerate Fraud
Regular communication is key. Make sure your staff knows fraud and corruption aren’t tolerated and will be punished. When fraud is uncovered, make sure to follow through with consequences for the perpetrator.
8. Get Certified
A world-recognised standard like ISO 37001:2016 demonstrates an organisation’s commitment to developing effective frameworks to reduce risk. ABAC® Center of Excellence offers ISO 37001 and other training and certification programs to help organisations get an edge in preventing, detecting and reducing bribery and corruption.
Who is CRI Group?
Based in London, CRI Group works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international Risk Management, Employee Background Screening, Business Intelligence, Due Diligence and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia. Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group also holds BS 102000:2013 and BS 7858:2012 Certifications, is an HRO certified provider and partner with Oracle.
In 2016, CRI Group launched Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence – an independent certification body established for ISO 37001:2016 Anti-Bribery Management Systems, ISO 19600:2014 Compliance Management Systems and ISO 31000:2018 Risk Management, providing training and certification. ABAC® operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI Group’s global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world’s largest organisations. Contact ABAC® for more on ISO Certification and training.