Friday, April 11, 2008

'The global environment brings with it many risks of fraud'

Fight frauds with a culture that supports controls
Fraud detection IT tools, intrusion detection systems, whistle-blowing hotlines, reference checks before hiring employees… Companies have tried almost all these techniques to mitigate frauds, but big rackets continue to hit the headlines.
Reason? “Controls alone are not enough,” observes Mr Steven L. Skalak, Partner, Global and US Investigations Leader, PricewaterhouseCoopers LLP. “Companies need to put in place a combination of culture and controls in order to reduce fraud risks. For instance, our surveys found that effectively-implemented whistle-blowing systems, and a corporate culture that supports them, have had a noticeable impact on detecting frauds,” he elaborates, during the course of an e-mail interaction with Business Line.

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