white collar crime and fraud risk survey presentation

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  1. 1. 1 White Collar Crime and Fraud Risk Survey Taking the Best Route to Managing Fraud and Corruption Risk
  2. 2. 2 A Reminder You can download a copy of the presentation via the Resources Area on your screen. Following the webinar, all attendees will receive a link to a copy of the presentation and recording. There will be a Q&A session at the end of the webinar. Please submit your questions by clicking on the Questions Area on your screen. If you are having trouble hearing the audio through your computer, a separate phone line is available for your use. US/Canada Line (866) 586-4566 International Line (734) 385-2579 Conference ID 15854002
  3. 3. 3 CPE Credits and Supplemental Information We are offering 1.5 CPE credits for this webinar To be eligible to receive this credit, please ensure you answer at least four (4) out of the five (5) polling questions We are offering 1.5 CLE general credits for this webinar (CA, CO, NJ and NY will be provided (CLE for OH and IL is pending)) To be eligible for this credit, please answer all five polling questions and e-mail the following information to lark.scheierman@protiviti.com: Name State bar number State requesting CLE credit in In the Resources Area, you can: Save/Print a copy of todays presentation Download Taking the Best Route to Managing Fraud and Corruption Risk
  4. 4. 4 Todays Presenters Donald Rebovich, Ph.D., Professor of Criminal Justice is Chair of Utica Colleges Economic Crime & Justice Studies. Dr. Rebovich is also the Executive Director of the Center for Identity Management & Information Protection (CIMIP) of Utica College. Prior to coming to Utica College, Dr. Rebovich served as Research Director for the National White Collar Crime Center (NW3C) in Morgantown, West Virginia and the American Prosecutors Research Institute of the National District Attorneys Association (NDAA) in Alexandria, Virginia. At NW3C he was responsible for directing the national analysis of Internet crime report data generated by the FBI's Internet Fraud Complaint Center, and directing the National Public Survey on White Collar Crime Program. He is the author of Dangerous Ground: The World of Hazardous Waste Crime (2015), which presented the results of the first empirical study of environmental crime and its control in the United States. Email: drebovi@utica.edu Dr. Donald Rebovich Chair, Utica College
  5. 5. 5 Todays Presenters A seasoned litigator, George Stamboulidis has tried dozens of complex federal jury trials as prosecutor and as defense attorney. Recognized for his experience in the areas of white collar and business defense, George is regularly engaged by corporations, directors, and officers to advise and defend in complex federal grand jury and regulatory investigations. George is trusted for his integrity and sound judgment in corporate monitorship positions and has been appointed a federal monitor a notable six times by the U.S. Department of Justice (DOJ). George is co-leader of BakerHostetler's national White Collar Defense and Corporate Investigations Practice, which is ranked in Chambers USA: America's Leading Lawyers for Business. He is a nationally recognized lecturer on corporate criminal liability and the use of proactive defense tactics, and regularly presents to members of the financial services, insurance, pharmaceutical, and energy industries, among others. Email: gstamboulidis@bakerlaw.com George A. Stamboulidis Partner, BakerHostetler
  6. 6. 6 Todays Presenters Scott Moritz is the leader of Protivitis Fraud, Anti-Corruption and Investigations practice. He has more than 28 years of investigative and regulatory compliance experience working with a variety of organizations, government and regulatory agencies to identify, triage, investigate and remediate a wide variety of risks. With extensive experience investigating transnational crime, corruption and money laundering, Scott is widely regarded as a leading authority on the evaluation, design, remediation, implementation and administration of corporate compliance programs, codes of conduct, training and internal audit programs. Email: Scott.Moritz@protiviti.com Scott Moritz Protiviti Managing Director, New York City
  7. 7. 7 Todays Presenters Pamela Verick is a Director in Protivitis Investigations & Fraud Risk Management solution. Pam has over 22 years of risk management experience, including creation of fraud governance systems and fraud risk management programs, planning and execution of fraud risk assessments, and conducting investigations to address fraud, misconduct and potential violations of the Foreign Corrupt Practices Act, as well as, equivalent anti- bribery laws and regulations. She also assists with compliance and ethics programs for both the public and private sector. Email: Pam.Verick@protiviti.com Pamela Verick Protiviti Director, Washington D.C.
  8. 8. 8 Todays Presenters Peter Grupe is a Director in Protivitis Investigations & Fraud Risk Management practice. He has over 30 years of experience in consulting, law enforcement and corporate finance. He most recently served as the president of an international corporate security consulting firm specializing in fraud detection and prevention, risk mitigation, due diligence, executive protection and crisis management. Peter has also held various executive management roles with the Federal Bureau of Investigation (FBI). He retired after 24 years of service as the assistant special agent in charge of the largest white collar crime branch of the FBI (New York office). Peter has also lectured and provided training around the world on corporate security matters, fraud detection and prevention. Email: Peter.Grupe@protiviti.com Peter Grupe Protiviti Director, New York City
  9. 9. 9 A. Yes B. No Does your organization have a formal and documented fraud control policy? Reminder: Answer 4 out of 5 questions to qualify for CPE credit. Poll Question #1
  10. 10. 10 This global survey, conducted online, consisted of a series of questions grouped into six categories: Fraud Risk Governance Fraud Risk Assessment Fraud Prevention Techniques Fraud Detection Techniques Corruption Reporting, Investigation and Corrective Action The survey explored organizational readiness to deter, detect, investigate and report fraud and corruption. Nearly 300 executives and professionals completed our online questionnaire. The Inaugural Benchmarking Report Download the publication at: www.protiviti.com/fraudsurvey
  11. 11. 11 Today We Will Explore How few companies are availing themselves of the tools and best practices for mitigating fraud risk How third-party fraud and corruption risk is barely on the radar of most organizations today How organizations without strong fraud detection and reporting programs face a higher risk of damaging whistleblower disclosures How the Yates Memorandum and DOJs increased scrutiny of corporate compliance programs will impact organizations
  12. 12. 12 Fraud Risk Governance
  13. 13. 13 Which of the following best describes your organizations fraud risk strategy? Fraud Risk Strategy Few respondents consider their fraud risk strategy to be well-defined.
  14. 14. 14 Which of the following challenges does your organization face in managing its fraud risk proactively? Challenges to Managing Fraud Risk With regard to the challenges organizations face in managing fraud risk proactively, 47 percent of respondents cited the lack of internal resources.
  15. 15. 15 Who in the ranks of senior management is designated with ownership and responsibility for fraud risk management in your organization? Ownership of Fraud Risk Management CFOs are often the lead person from the ranks of senior management designated with ownership and responsibility for fraud risk management in the organization.
  16. 16. 16 Does your organization have a formal and documented fraud control policy? Fraud Control Policy A majority of large companies indicated their organization DO have a formal and documented fraud control policy in place.
  17. 17. 17 A. Very well defined B. Defined C. Less defined D. Reactive only E. Undefined Which of the following best describes your organizations fraud risk strategy? Reminder: Answer 4 out of 5 questions to qualify for CPE credit. Poll Question #2
  18. 18. 18 Fraud Risk Assessment
  19. 19. 19 How often does your organization conduct a formal fraud risk assessment? Frequency of Fraud Risk Assessment An effective fraud risk assessment process should be conducted in alignment with the organizations objectives and should thoroughly consider potential vulnerabilities arising from fraud and misconduct.
  20. 20. 20 Who within your organization is primarily responsible for conducting your fraud risk assessment? Responsibility for Fraud Risk Assessment Internal audit is often the group primarily responsible for conducting an organizations fraud risk assessment.
  21. 21. 21 Does your fraud risk assessment team include members from different departments? Staffing the Fraud Risk Assessment More organizations should consider creating fraud risk assessment teams that include members from different departments to enhance the process.
  22. 22. 22 How is your organizations fraud risk assessment process structured? Structuring the Fraud Risk Assessment Some companies consider a fraud risk assessment to be part of their SOX compliance process. This narrow focus fails to address the systemic nature of fraud risk.
  23. 23. 23 Does your organization have a fraud risk management (mitigation) program? Fraud Risk Management Program Large companies emerged as the leaders of organizations that have a fraud risk management (mitigation) program in place.
  24. 24. 24 A. Quarterly B. Annually C. As needed D. Never E. Dont know How often does


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