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CASH RISK ASSESSMENT

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Page 1: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

CASH RISK ASSESSMENT

Page 2: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Overview

Page 3: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Fraud Common in Workplaces

Occupational fraud is the use of ones occupation for personal enrichment through misuse of the employing organizations resources.

• Nearly 75% of all companies from around the world suffer from fraud

• 85% of the worst frauds reported were committed by company employees

• Small business suffer higher fraud losses than large organizations

Cash Risk Assessment

Page 4: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Cash fraud is more common

Cash Risk Assessment

Fraudsters most often target currency, check and money order

* Data from ACFE Report to the Nation on Occupational Fraud & Abuse

Page 5: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Skimming

Cash Risk Assessment

Scheme in which cash is stolen before it is recorded on the organization’s books and records.

• Employee accepts payment from a customer but does not record the sale

Page 6: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Cash Larceny

Cash Risk Assessment

Scheme in which cash is stolen from an organization after it has been recorded on the organization’s books and records.

• Employee steals from daily receipts before they can be deposited in bank

Page 7: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Billing

Cash Risk Assessment

Scheme in which a person steals his/her employer to issue payment by submitting invoices for fictitious goods/services, inflated invoices or invoices for personal purchases.• Employee purchases

personal items, submits invoice for payment.

Page 8: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Reimbursements

Cash Risk Assessment

Scheme in which an employee makes a claim for reimbursement of fictitious or inflated business expenses.• Employee files

fraudulent expense report, claiming personal travel, nonexistent meals, etc.,

Page 9: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Check Tampering

Cash Risk Assessment

Scheme in which a person steals his/her employer’s funds by forging/altering a check on one of the organization’s back account, or steals a check the organization has issued to another payee.• Employee steals blank

checks, makes them out to himself/an accomplice.

Page 10: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Payroll

Cash Risk Assessment

Scheme in which an employee causes his/her employer to issue a payment by making false claims for compensation.• Employee claims over-

time for un-worked hours

• Employee adds ghost employees to the payroll

Page 11: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Wire Transfers

Cash Risk Assessment

Scheme in which a person steals his/her employer’s funds by fraudulently wire transferring them out of the employer’s bank accounts.• Employee causes

funds to be wired from company bank accounts to an account controlled by employee or accomplice

Page 12: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Disbursements

Cash Risk Assessment

Scheme in which an Employee makes false entries on a cash register to conceal the fraudulent removal of cash.• Employee fraudulently

voids a sale on his cash register and steals the cash.

Page 13: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

When fraud happens

Cash Risk Assessment

Page 14: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

How fraud is detected

Cash Risk Assessment

Page 15: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Our Approach

Cash Risk Assessment

Page 16: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

“STALL” Approach - Structure

Cash Risk Assessment

Page 17: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

“STALL” Approach - Train

Cash Risk Assessment

Page 18: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

“STALL” Approach - Assess

Cash Risk Assessment

Page 19: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Risk Assessment Report

Cash Risk Assessment

Page 20: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Risk Assessment Model

Cash Risk Assessment

Page 21: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Risk Assessment Report

Cash Risk Assessment

Page 22: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

“STALL” Approach – Learn

Cash Risk Assessment

Page 23: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

“STALL” Approach – Listen

Cash Risk Assessment

Page 24: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

Our Service

Cash Risk Assessment

Page 25: CASH RISK ASSESSMENT. Fraud OverviewFraud SchemesWhen & How Fraud HappensOur Approach to Fraud Deterrence Overview

GET IN TOUCH TODAY: Phone: (044) 28362531 / 32 / 33Email : [email protected] : http://www.verveindia.com