Continuous controls monitoring (CCM) and continuous transaction monitoring (CTM) are increasingly becoming an integral part of the journey to achieve an effective and efficient GRC program. PwC's Michael Baccala and Robert Clark talk about a practical way to take action on making full use of your enterprise risk planning investment in meeting your governance, risk and compliance obligations and ...
The World Bank sanctions system has teeth. Just ask Oxford University Press, Alstom, KBR, and the more than 80 other companies and individuals debarred last year for violating the Bank’s Procurement Guidelines and Consultant Guidelines. If you happen to be serving as a respondent’s attorney before the Sanctions Board, here are some things you should know.
Statistically, more reports about fraud and potential compliance & ethics deviations are made through the management chain of command than through a “hotline.” While chain-of-command reporting is, in my opinion, the better path, it could also remove a significant compliance control feature – assuring that the compliance officer is made aware of such complaints.
The typical organization loses 5% of its annual revenue to fraud, according to the 2012 Report to the Nations from the ACFE. Here are 5 ways to fight that right now.
If you want to see how the SEC’s whistleblower program may look in a few years, all you need to do is take a look at the False Claims Act and the role that whistleblowers play in the enforcement of the act.
Management that turns deaf ears when subordinates report false billing or illegal marketing in dealing with federal or state governments can unleash a torrent of financial and reputational harm on the company. Indeed, that scenario is just the sort of situation that can turn into a full-blown, multi-million-dollar whistleblower settlement brought by a company insider under qui tam provisions ...
Many organizations overlook their ERP system as a “data-driven” line of defense. It is a transaction-based system that, if properly managed, can assist in preventing corporate failures or capturing illegal activities that can cripple an organization. It’s designed to protect an organization, small or large, private or public, from illegal activity. In the wake of […]
Companies complain about the burdens of anti-corruption compliance. They need to put things in perspective. The “greatest” risk of them all may be the False Claims Act (FCA).
Breaking shop windows during a blackout and defrauding companies or taking advantage of lax regulatory enforcement may appear at first blush to be completely different phenomena. But if you think about their similarities, it’s apparent that they are all manifestations of the same human predisposition to break or bend the rules for immediate personal gain in circumstances where there ...
John Hanson wraps up his series on the Fraud Triangle, today focusing on the perception factor, which though not part of the Fraud Triangle, may be an overriding factor in a person’s decision whether to violate a compliance policy, act unethically or commit a fraud, even when risk levels are high within the three Fraud Triangle factors.