No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
Corporate Compliance Insights
Home Fraud

Fraud a Top Concern for Compliance Leaders

Findings from Dun & Bradstreet

by Brian Alster
February 14, 2019
in Fraud
white magnifying glass hovering over fraud in red block letters

According to a report by Dun & Bradstreet, compliance and procurement professionals indicate that fraud tops the list of challenges, and technological advances exacerbate the problem. Brian Alster discusses the approach compliance leaders should take to protect the organization.

Compliance professionals didn’t have it easy in 2018; significant regulations spanned industries globally – touching finance, trade and data in a big way. Among the related challenges of this business environment, the risk of fraud remains near the top of the list for many companies, a majority of whom have seen incidences of fraud negatively impact their business. Detection methods to combat fraud evolve over time, but so, too, do the fraudsters, turning the situation into a never-ending game of cat and mouse.

A majority (72 percent) of respondents to the second Dun & Bradstreet Compliance and Procurement Sentiment Report say fraud has had an impact on their company’s brand. In an effort to uncover the top issues and concerns among both compliance and procurement professionals, Dun & Bradstreet surveyed more than 600 professionals from the U.S. and U.K., delving into a range of questions about their roles, as well as their impressions of the industry overall. With this second report, we were able to measure changes in overall sentiment compared with the benchmark conducted earlier last year, and we dove deeper into fraud concerns and the use of technology.

Those surveyed reported fewer incidents of fraud as compared with the first survey published in June 2018 (see chart below), but many issues remain. Based on anecdotal conversations I’ve had with compliance and procurement professionals, some of the short-term improvements might be attributed to more internal training or better overall detection methods.

Reports of Fraud

Date Range Percentage (Feb) Percentage (July) Change
Past 3 Months 18% 8% -10
Past 6 Months 13% 16% +3
Past 12 Months 12% 23% +11
NET: Past 2 Years 55% 34% -21

We asked respondents the role in which policy and technology may have contributed to the fraud their organizations had experienced. Many cited organizational policies that were not properly implemented due to a lack of understanding, or a lack of related training. As for technology, 24 percent of respondents identified issues around either automation and data population or failure of their monitoring tools to detect changes in entity status. Both of these issues may have left organizations at a greater risk for fraud.

Overall, technology is viewed as an enabler for compliance teams, despite its identified shortcomings and challenges. In the initial survey, 36 percent of respondents called technology one of the barriers to their performance, but more recently, a majority of respondents cited technology as an enabler. A total of 88 percent said technology enables process management, and 86 percent said it helps with data management.

A successful compliance program requires a risk-based approach to collecting information and utilizing technology, and it needs to be fine-tuned within each organization. Of course, it’s a delicate balance: monitoring suspicious activity should be based on well-communicated processes and setting filters appropriately to catch fraudsters, yet not so stringent that it results in an abundance of alerts and false positives that could overwhelm compliance staff. Technology solutions need to be the key driver for compliance professionals in the evolving fight against fraud. Along with improved processes and data management, these critical capabilities are at the heart of maintaining control and combating bad actors.


Previous Post

Launched Today: TRACE e-Gov Portal, a Global Directory of e-Government Resources

Next Post

Data In, Insights Out

Brian Alster

Brian Alster

Brian Alster is Dun & Bradstreet’s global head of Supply & Compliance. He is responsible for developing new and innovative compliance products and improving existing ones through the incorporation of customer and industry feedback. He joined Dun & Bradstreet in 2011 as a leader in the Strategic Sales organization. Brian holds nearly two decades of experience in the financial services industry. His previous titles include Director of Portfolio Analytics/Segmentation and Acquisitions for JPMorgan Chase’s Small Business Card division and Senior Vice President on MBNA/Bank of America’s consumer risk and marketing team, where he worked across consumer card, mortgage, and unsecured lines of credit. Brian graduated from the University of Delaware with a bachelor’s degree in business and a minor in Japanese.

Related Posts

encompass update

Encompass Launches pKYC Maturity Model

by Corporate Compliance Insights
March 22, 2023

KYC automation platform Encompass has unveiled a new perpetual Know Your Customer (pKYC) maturity model designed to help banks improve...

consilio onna partnership

Consilio, Onna Seek to Streamline eDiscovery for Cloud Apps

by Corporate Compliance Insights
March 22, 2023

Legal technology provider Consilio has launched a new platform, Sightline Collect, powered by data management supplier Onna. The platform is...

corlytics solidatus partnership

Corlytics, Solidatus Join Forces

by Corporate Compliance Insights
March 22, 2023

Data management provider Solidatus and regulatory risk intelligence supplier Corlytics recently announced a partnership that is expected to give both...

castle pixel art

Building a Defense-in-Depth Culture to Combat Phishing

by Perry Carpenter
March 22, 2023

Phishing attempts are only growing more sophisticated by the day, and effective cybersecurity means defending all the vectors of attack,...

Next Post
man holding book with funnel icon

Data In, Insights Out

Compliance Job Interview Q&A

Jump to a Topic

AML Anti-Bribery Anti-Corruption Artificial Intelligence (AI) Automation Banking Board of Directors Board Risk Oversight Business Continuity Planning California Consumer Privacy Act (CCPA) Code of Conduct Communications Management Corporate Culture COVID-19 Cryptocurrency Culture of Ethics Cybercrime Cyber Risk Data Analytics Data Breach Data Governance DOJ Download Due Diligence Enterprise Risk Management (ERM) ESG FCPA Enforcement Actions Financial Crime Financial Crimes Enforcement Network (FinCEN) GDPR HIPAA Know Your Customer (KYC) Machine Learning Monitoring RegTech Reputation Risk Risk Assessment SEC Social Media Risk Supply Chain Technology Third Party Risk Management Tone at the Top Training Whistleblowing
No Result
View All Result

Privacy Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2022 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe

© 2022 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT