{"id":1188,"date":"2021-11-16T06:00:47","date_gmt":"2021-11-16T06:00:47","guid":{"rendered":"https:\/\/crigroup.com\/?p=1188"},"modified":"2024-01-22T15:25:43","modified_gmt":"2024-01-22T15:25:43","slug":"2021-fraud-week-prevention-is-key","status":"publish","type":"post","link":"https:\/\/crigroup.com\/ar\/2021-fraud-week-prevention-is-key\/","title":{"rendered":"2021 Fraud Week: Prevention is Key"},"content":{"rendered":"<h3><strong>The 2021 Fraud Week: Prevention is Key!<\/strong><\/h3>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">Every year, for one week in November, organisations around the world embrace a movement aimed to minimise and prevent fraud and corruption.\u00a0<a href=\"http:\/\/www.fraudweek.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">International Fraud Awareness Week<\/a> (\u201cFraud Week,\u201d for short) is\u00a0<\/span>November 14-20<span style=\"font-family: arial, helvetica, sans-serif;\">, 2021, and CRI\u00ae Group has been an enthusiastic Official Supporter since the very beginning of this important campaign.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">According to the ACFE, the world\u2019s largest anti-fraud association and founder of Fraud Week, organisations worldwide lose an estimated 5 per cent of their annual revenues to fraud. To make things worse: \u201cA single instance of fraud can be devastating: the median loss per fraud case was $145,000, and more than a fifth of the cases involved losses of at least $1 million.\u201d<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">But there is good news. For Fraud Week, the ACFE offers some basic steps any organisation can take immediately to lessen their vulnerability to fraud:<\/span><\/p>\n<ul>\n<li><span style=\"font-family: arial, helvetica, sans-serif;\"><strong>Be Proactive<\/strong>. Adopt a code of ethics for management and employees. Evaluate your internal controls for effectiveness and identify areas of the business that are vulnerable to fraud. Find out more about what an <a href=\"https:\/\/crigroup.com\/ar\/you-need-an-ethical-code-of-conduct\/\">Ethical code of conduct is and what should it cover?<\/a><\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif;\"><strong>Establish Hiring Procedures<\/strong>. When hiring staff, conduct thorough background investigations. Check educational, credit and employment history (as permitted by law), as well as references. <a href=\"https:\/\/crigroup.com\/ar\/neglecting-background-screening\/\">Check out the consequences of neglecting background screening<\/a><\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif;\"><span style=\"font-family: arial, helvetica, sans-serif;\"><strong>Train Employees in Fraud Prevention<\/strong>. Do workers know the warning signs of fraud? Ensure that staff members know basic fraud prevention techniques, here are some <a href=\"https:\/\/crigroup.com\/ar\/identify-and-prevent-employee-fraud\/\">Tips on Identifying and Preventing Employee Fraud<\/a><\/span><\/span><\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif;\"><span style=\"font-family: arial, helvetica, sans-serif;\"><strong>Implement a Fraud Hotline<\/strong>. Fraud is still most likely to be detected by a tip. Providing an anonymous reporting system for your employees, contractors and clients will help uncover more fraud. Find out more on <a href=\"https:\/\/crigroup.com\/ar\/ethics-and-compliance-hotline-set-up\/\">how to set up an Ethics &amp; Compliance Hotline<\/a><\/span><\/span>.<\/li>\n<li><span style=\"font-family: arial, helvetica, sans-serif;\"><strong>Increase the Perception of Detection<\/strong>.\u00a0Communicate regularly to staff about anti-fraud policies, ways to report suspicions of misconduct, and the potential consequences (including termination and prosecution) of fraudulent behaviour.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">At\u00a0<a href=\"https:\/\/crigroup.com\/ar\/\" target=\"_blank\" rel=\"noopener\">CRI Group\u2122<\/a>, our experts are trained to help organisations implement the above measures. Our integrity due diligence and risk management services focus on preventing fraud before it happens, not after the fact, when it is often too late to recover stolen funds and assets.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">In one\u00a0<strong>case study<\/strong>, a multinational company engaged in the provision of equipment and supplies used by the medical industry contacted CRI Group\u2122. The client wished to contract with a company and wanted to ensure that there were no regulatory or reputational problems associated with the potential partner, and thus wanted to know their track record, integrity and reputation.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">During the course of this integrity due diligence, CRI Group\u2122 local operatives focused on whether the company in question was a legitimate business, and sought to identify the key players running operations both in Egypt and Iraq for the company in question. However, questions arose: Research showed no physical locations; the office address was found to be a residential site with no indication of business operations. No commercial relationships in Iraq were evident.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">Local operatives further investigated the company\u2019s distribution capabilities in the country, especially to the north and south, as claimed in a questionnaire provided to the client. Yet no information was found from any source to corroborate the company\u2019s claims. Additionally, discreet interviews with local individuals found that no one was aware of the company.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">Scepticism was confirmed, CRI Group\u2122 discovered that the company\u2019s principal was previously charged with \u201ccriminal breach of trust\u201d and there was still a trial proceeding with regional trial courts. Three other civil damages claims against the principal were discovered, with USD $1.2 million claimed in liabilities.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">CRI Group\u2122 helped the client avoid becoming entangled with a fraudulent business and an alleged criminal \u2013 protecting the client from making a bad business deal that could have resulted in severe economic loss and a potentially damaged reputation.\u00a0<\/span><\/p>\n<p><strong><span style=\"font-family: arial, helvetica, sans-serif;\">Our\u00a0due diligence services can help put any organisation on the right track to being better protected and positioned to prevent and detect fraud \u2013 not just during Fraud Awareness Week, but year-round.\u00a0<a href=\"https:\/\/crigroup.com\/ar\/contact-us\/\" target=\"_blank\" rel=\"noopener\">Contact CRI Group\u2122<\/a>\u00a0today.<\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\"><strong>Who is CRI Group\u2122?<\/strong><\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">Based in London, CRI Group\u2122 works with companies across the Americas, Europe, Africa, Middle East and Asia-Pacific as a one-stop international <a href=\"https:\/\/crigroup.com\/ar\/third-party-risk-management\/\">Risk Management<\/a>,\u00a0<a href=\"https:\/\/crigroup.com\/ar\/employee-background-checks\/\">Employee Background Screening<\/a>,\u00a0<a href=\"https:\/\/crigroup.com\/ar\/business-intelligence\/\"><div id=\"h1-9\">\u0630\u0643\u0627\u0621 \u0627\u0644\u0623\u0639\u0645\u0627\u0644<\/div><\/a>,\u00a0<a href=\"https:\/\/crigroup.com\/ar\/due-diligence\/\"><div id=\"h1-2\">\u0627\u0644\u0639\u0646\u0627\u064a\u0629 \u0627\u0644\u0648\u0627\u062c\u0628\u0629 <span class=\"rtl-1\">360\u00b0<\/span><\/div><\/a> and other professional Investigative Research solutions provider. We have the largest proprietary network of background-screening analysts and investigators across the Middle East and Asia.\u00a0Our global presence ensures that no matter how international your operations are we have the network needed to provide you with all you need, wherever you happen to be. CRI Group\u2122 also holds\u00a0<strong>BS 102000:2013<\/strong>\u00a0and\u00a0<strong>BS 7858:2012 Certifications<\/strong>, is an HRO certified provider and partner with Oracle.<\/span><\/p>\n<p><span style=\"font-family: arial, helvetica, sans-serif;\">In 2016, CRI Group\u2122 launched the <a href=\"https:\/\/abacgroup.com\/\">Anti-Bribery Anti-Corruption (ABAC\u2122) Center of Excellence<\/a>\u00a0\u2013 an independent certification body established for\u00a0<a href=\"https:\/\/abacgroup.com\/iso-37001-certification\/\">ISO 37001:2016 Anti-Bribery Management Systems<\/a>,\u00a0<a href=\"https:\/\/abacgroup.com\/iso-37301-certification\/\" target=\"_blank\" rel=\"noopener\">ISO 37301 Compliance Management Systems<\/a>\u00a0and\u00a0<a href=\"https:\/\/abacgroup.com\/iso-31000-risk-management\/\">ISO 31000:2018 Risk Management<\/a>, providing\u00a0<a href=\"https:\/\/abacgroup.com\/iso-37001-training\/\">training<\/a>\u00a0and\u00a0<a href=\"https:\/\/abacgroup.com\/download-a-file\/?dynamictext_945=https:\/\/abacgroup.com\/wp-content\/uploads\/2020\/04\/ISO-37001-Training-Decision-Tree.pdf\">certification<\/a>. ABAC\u2122 operates through its global network of certified ethics and compliance professionals, qualified auditors and other certified professionals. As a result, CRI Group\u2019s global team of certified fraud examiners work as a discreet white-labelled supplier to some of the world\u2019s largest organisations. <a href=\"https:\/\/abacgroup.com\/contact\/\">Contact ABAC\u2122 for more<\/a> on ISO Certification and training.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>The 2021 Fraud Week: Prevention is Key! Every year, for one week in November, organisations around the world embrace a movement aimed to minimise and prevent fraud and corruption.\u00a0International Fraud Awareness Week (\u201cFraud Week,\u201d for short) is\u00a0November 14-20, 2021, and CRI\u00ae Group has been an enthusiastic Official Supporter since the very beginning of this important [&hellip;]<\/p>","protected":false},"author":1,"featured_media":12896,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,24,18,26,28,146],"tags":[],"class_list":["post-1188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-industries","category-all-regions","category-all-solutions","category-cri-news","category-leadership-insights","category-resources"],"gutentor_comment":0,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"description\" content=\"CRI Group\u2122 supports the 2021 Fraud Week, the week when organisations embrace a movement aimed to minimise &amp; 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