Fraud Risk Assessments
- Organizations are inherently at risk for occupational fraud and abuse committed by its employees, management, ownership, outside vendors, or some combination thereof. Assessing the risk of such events is key to protecting an organization’s assets. Fraud Risk Assessments are designed to gauge an organization’s level of risk in essential areas of operation.
Data Analysis & Data Mining
- Which item is purchased the most at Walmart leading up to a hurricane? Pop-Tarts. How do Walmart executives know this? By using Data Analysis and Data Mining. Data Analysis is the process of inspecting, transforming, and modeling data with the goal of highlighting useful information, suggesting conclusions, and supporting decision making. Data Mining is an analysis technique that focuses on discovery for predictive rather than purely descriptive purposes.
Financial Transaction Analysis
- Following the money in any financial transaction is extremely important, but more-so when fraud is suspected. Gathering, analyzing, and assessing financial information are the starting points to determining whether an organizations assets have ended up in the wrong hands.
Internal Control Analysis
- Internal Controls are the “Gate-Keepers” that guard against intentional and accidental misstatements in transactions, and operational deficiencies and or redundancies. Making sure basic controls are in place, and adhered to, can dramatically reduce the risk of fraud within the workplace. Fraudsters take advantage of lax controls knowing that they can perpetrate a fraud without getting caught.
- Often times after a fraud has been discovered, organizational management does not know which step(s) to take next. It is critical that management understands that there are typically many legal elements involved (evidence collection, employees rights, etc.) in cases of occupational fraud and abuse that starting off on the wrong foot could result in an undesirable outcome. Aside from not getting to the bottom of the fraud and determining the total extent of damages, more than a few organizations have faced wrongful termination suits from fraudsters, and have lost!
Expert Witness Testimony
- Once, and if, a case of occupational fraud and abuse goes to court, many victim organizations and their attorneys want to have a recognized expert in the field of forensic accounting and fraud examination take the stand to explain to the jury just what has transpired. This includes producing demonstrative evidence such as charts, graphs, slides, etc. showing the trail of money that the fraudster has left behind. In many cases having an expert witness on your side can be the difference between being victimized once and being victimized twice.