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FRAUD PREVENTION (INVESTIGATION PROCESS (EVALUATE (ROOT CAUSE, MOTIVATION…
FRAUD PREVENTION
INVESTIGATION PROCESS
DETERMINE OBJECTIVE
DETERMINE LAW BROKEN
GATHER EVIDENCE
DOCUMENT & PRESERVE EVIDENCE
DETERMINE EXTEND OF FRAUD
DETERMINE MODUS OPERANDI
EVALUATE
ROOT CAUSE
MOTIVATION FOR FRAUD
IDENTIFY CAPABILITY OF PERPETRATORS
CONCLUSION
OVERVIEW
IMPACT
REG PENALTIES
GLOBAL FINE
USD 321 BIL
DEUTSCHE BANK
TOXIC MORTGAGE SECURITIES
SETTLEMENT
USD 7.2 BIL
JP MORGAN
LONDON WHALE CASE
TRADING LOSS
USD 6.2 BIL
PENALTIES
USD 920 MIL
ROLE OF NED
FRAUD PREVENTION
INCULCATE ETHICS
PERSONAL INTEGRITY
BOARD OVERSIGHT
EFFECTIVE ACTION
MISCONDUCT
FRAUD
EMPHASISE
DETECT
INVESTIGATE
DETERRENCE
STAFF AWARENESS
HIGH PROB OF DETECTION
REQUIREMENT
FRAUD TRIANGLE
PRESSURE
RATIONALISATION
OPPORTUNITY
WHAT?
PROB FRAUD OCCURS
EASY TO COMMIT?
MOTIVATION
FRAUD HISTORY
POTENTIAL CONSEQUENCES
DOWNFALL OF ORGANISATIONS
MASSIVE INVESTMENT LOSS
SIGNIFICANT LEGAL COSTS
INCARCERATION OF KEY EES
EROSION OF MKT CONFIDENCE
BAD PUBLICITY
REPUTATION
BRAND
IMAGES
AUDIT PROCESS
ESTAB FRAUD RISK POLICY
COMPREHENSIVE RISK ASSESSMENT
SELECT, DEVELOP, DEPLOY
PREVENTIVE CTRL
DETECTIVE CTRL
REPORTING PROCESS
MONITOR
CORRECTIVE ACTION
PROCESS
REPORTING
COSO
CONTROL ENVIRONMENT
FRAUD RISK MGT
ESTAB
COMMUNICATE
DEMO BOARD EXPECTATION
COMMIT MANAGE FRAUD
INTEGRITY
ETHICAL
RISK ASSESSMENT
COMPREHENSIVE
IDENTIFICATION
ASSESS
EVALUATE
MITIGATE
CONTROL ACTIVITIES
PREVENT & DETECT
SELECT
DEVELOP
DEPLOY
INFO & COMM
COMM PROCESS
OBTAIN INFO
COORDINATE
INVESTIGATE
CORRECT
MONITORING
EVALUATE
SELECT
DEVELOP
PERFORM
5 PRINCIPLES
PRESENT
FUNCTIONING
COMMUNICATE
TIMELY
RESPONSIBLE PARTIES
INVESTIGATION REPORT
ANSWER QUESTIONS
HOW OCCUR?
WHICH CTRL
FAILED
OVERRIDDEN?
BY WHO?
NEED TO STRENGTHENED?
WHY NOT DETECTED?
RED FLAG
WHY MISSED?
WHICH ONE MISSED?
FUTURE
PREVENTED?
DETECTED?
ENHANCEMENT
AUDIT PLAN?
AUDIT STEPS?
ADDITIONAL TRAINING?
EVIDENCE
SUFFICIENT
APPROPRIATE
LEGALLY ADMISSABLE