cash risk assessment. fraud overviewfraud schemeswhen & how fraud happensour approach to fraud...
TRANSCRIPT
CASH RISK ASSESSMENT
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
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
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
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
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.
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.,
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.
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
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
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.
When fraud happens
Cash Risk Assessment
How fraud is detected
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Our Approach
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“STALL” Approach - Structure
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“STALL” Approach - Train
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“STALL” Approach - Assess
Cash Risk Assessment
Risk Assessment Report
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Risk Assessment Model
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Risk Assessment Report
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“STALL” Approach – Learn
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“STALL” Approach – Listen
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Our Service
Cash Risk Assessment
GET IN TOUCH TODAY: Phone: (044) 28362531 / 32 / 33Email : [email protected] : http://www.verveindia.com