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 GRC Vendor News

When it Comes to Fraud and Corruption, Organizations Prone to Believe “Alternative Facts”

by Corporate Compliance Insights
March 7, 2017
in GRC Vendor News
When it Comes to Fraud and Corruption, Organizations Prone to Believe “Alternative Facts”

Study finds large disconnect between perception and reality of fraud in most organizations

Vancouver, B.C. (March 7, 2017) – Business leaders are running their organizations in an “alternate reality,” with a shockingly inaccurate perception of their fraud environment, according to the 2017 Fraud Survey from ACL. More than 80 percent of respondents said their organization has “medium to no” exposure to fraud, despite industry research showing that fraud occurs in nearly every organization, with more than 2,300 studied losing over $6.3 billion.[1] 

ACL, a risk management software provider helping governments and companies around the world stamp out fraud and corruption, polled more than 500 audit, compliance and risk management professionals on their attitudes toward and knowledge of fraud risk and anti-fraud practices.

“As the phenomena of ‘fake news’ and ‘alternative facts’ permeate the U.S. landscape, it is interesting to see how disconnected many executives are from the true prevalence of fraud and corruption in their organizations,” commented Dan Zitting, Chief Product Officer at ACL. “It is not uncommon for our team to run simple data analytics for a client and find numerous instances of potential fraud to be investigated.”

Nearly two-thirds of respondents (63 percent) reported that a majority of fraud committed in their organizations is not detected, and more than 75 percent said that at least some of the fraud that is detected goes unreported.

“If senior management thinks fraud, waste or abuse is nonexistent in their company, they are probably kidding themselves,” noted Steve Hummer, Director of Internal Audit for Farm Bureau Insurance of Michigan. “By conducting a thorough, retroactive audit using modern data analytics tools, we uncovered more than a million dollars in losses from claims that had been incorrectly processed — or not processed at all. At some companies, they could even be fraudulently processed.”

Respondents also echoed recent findings that fraud professionals can feel pressure to suppress or alter fraud findings from senior leadership, direct managers and even peers. The existence of this internal pressure is not a surprise to most, as it has been revealed quite often in recent studies. However, the survey confirmed that this pressure comes from all sides, including co-workers and audit committees, making it that much harder to overcome.

“As long as companies refuse to admit that fraud exists, the fraud will continue,” added Zitting. “As unscrupulous employees and vendors realize the company’s ignorance, the problem has great potential to grow.”

Help generate greater awareness of fraud by sharing your fraud-related experiences in a safe and anonymous way in ACL’s Fraud Confessional.

About ACL

ACL delivers software solutions that are transforming audit, compliance and risk management to give organizations unprecedented control over their business.

  • To learn more about ACL’s data-driven GRC platform and best practices resources, visit acl.com.
  • For the latest news and best practices in audit, finance, risk management, compliance and anti-fraud, visit: acl.com/blog
  • Follow ACL on Twitter: @ACLServices
  • Join ACL on LinkedIn: acl.com/LinkedIn
  • Like ACL on Facebook: facebook.com/ACLServices

Previous Post

Deregulation, Tax Reform, Cybersecurity, New Accounting Among Top Issues at 2017 Shareholder Meetings

Next Post

Will Brexit Bust GDPR?

Corporate Compliance Insights

Corporate Compliance Insights

Corporate Compliance Insights

Related Posts

Phaxis 100 dollars

AML & KYC: Addressing Key Challenges for 2023 and Beyond

by Alex Roberto
March 16, 2023

(Sponsored) In today’s world, financial criminals are often a step ahead of regulators and financial institutions who struggle to effectively...

audit

IIA Survey: Technology Issues Widening Risk Landscape

by Staff and Wire Reports
March 15, 2023

The past year has seen internal audit staffing and budgets continue their recovery to pre-pandemic levels as organizations contend with...

Paul Weiss Economic Sanctions and AML Developments 2022_f

Economic Sanctions and AML Developments

by Corporate Compliance Insights
March 15, 2023

Sanctions start high and stay high 2022 Year in Review Economic Sanctions and AML Developments What’s in this report from...

insider fraud threat

As Layoffs Continue, the Potential for Insider Fraud Is Growing. Are You Ready?

by Chris Gerda
March 15, 2023

From startups to big banks, the technology and financial services sector have already seen tens of thousands of layoffs in...

Next Post
pie-shaped UK flag being removed from EU circle

Will Brexit Bust GDPR?

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