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Causal Capital ~ The Knowledge Capital Specialists

ACFE 2018 Report

It's out !!! ~ The Association of Certified Fraud Examiners annual report is a phenomenal read, informative and easy to digest. It's littered with a huge array of infographics that puts a wide set of clear but concerning messages across to the reader.

In this short blog posting we have taken to put a few thoughts forward on the report.

First up, the Occupational Fraud and Abuse taxonomy or classification tree described on page 11 should help risk departments delineate the various sources of loss potential so that specific controls can be targeted for review. In Causal Capital, we are a big believer in the use of taxonomies because they tend to reduce symptomatic behaviour while improving measurement of risk and in this ACFE report, the classification tree is really well researched.

Norman Marks the audit and risk management expert blogs often on these types of publications, and he usually hits the nail on the head with his opinions. This time around he has sound advice for auditors that is worth having a peruse.

"I am a strong believer that the resources dedicated to addressing fraud risk (by management or by internal staff) should be commensurate with the level of risk."

How significant is the risk of fraud | Norman Marks [LINK]

As a risk manager from the finance sector, the control of fraud is a bit of a preoccupation and it nearly always features towards the top of the risk focus bankers continually fascinate over. What we have done today is extracted some of our favourite infographics from the report and injected additional commentary into a single chart to enrich the document with our thoughts.

Fraud Report Rhetoric [LINK]

The ACFE 2018 Reporting can be downloaded from the following [LINK] and all faring well Causal Capital will be releasing a special masterclass for Fraud Analytics in the next couple of months.

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