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Corruption and Occupational Fraud 34 th Annual Crime Stoppers International Conference Sep 30 – Oct 2, 2013 1.

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Presentation on theme: "Corruption and Occupational Fraud 34 th Annual Crime Stoppers International Conference Sep 30 – Oct 2, 2013 1."— Presentation transcript:

1 Corruption and Occupational Fraud 34 th Annual Crime Stoppers International Conference Sep 30 – Oct 2,

2 ACFE Occupational Fraud Report Association of Certified Fraud Examiners (ACFE) “Report to the Nations 2012” - 1,388 cases of occupational fraud between Jan 2010 and Dec Covers 94 nations - Occupational fraud: The use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets ©2012 Association of Certified Fraud Examiners, Inc.2

3 3 Survey participants estimated that the typical organization loses an estimated 5% of its annual revenues to occupational fraud. The Cost of Occupational Fraud

4 Types of Occupational Fraud

5 Detection of Fraud Schemes ©2012 Association of Certified Fraud Examiners, Inc.5 Initial Detection of Occupational Frauds

6 Detection of Fraud Schemes ©2012 Association of Certified Fraud Examiners, Inc.6 Source of Tips

7 Victim Organizations ©2012 Association of Certified Fraud Examiners, Inc.7 Primary Internal Control Weakness Observed by CFEs

8 Whistle Blowing “The audit committee should review arrangements by which staff of the company may, in confidence, raise concerns about possible improprieties in matters of financial reporting or other matters. The audit committee’s objective should be to ensure that arrangements are in place for the proportionate and independent investigation of such matters and for appropriate follow-up action”. - UK Combined Code on Corporate Governance

9 Crime Stoppers Integrity Line  Anonymous and confidential service for employees to report criminal activities and acts of wrongdoing in workplace  May report bribery, fraud, corruption, money laundering, embezzlement of funds, sexual harassment, theft of company equipment and materials, use of company equipment for personal gain  CORRUPT ( )  Calls answered by Integrity Line staff at UK call centre  Info sent to Chairman of Crime Stoppers Barbados and designated person at company and/or police

10 Prevention of Corruption Act Prevention of Corruption Commission Annual declaration of assets, income and liabilities Declaration by political parties Code of conduct for public officials Corruption in the private sector Solicitation, bribery and other offences Seizure, freezing and confiscation Protection of witnesses

11 11

12 Corruption and Occupational Fraud THANK YOU 12


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