How real is your risk of fraud? Very real. You may lose up to 5% of total revenue to fraud this year. A recent study showed that annual losses from fraud in the US topped $600 billion – are you managing the risk?

Fraud is a significant business risk. It affects your image, reputation, investor confidence and shareholder value. It impacts your bottom line. Studies show that a lack of strong internal controls is a key factor in fraud-related losses, and that employees are responsible for more than 70 percent of all business fraud.

The mandate from the federal government, advisory boards and the legal community is clear: You must establish effective and efficient antifraud controls throughout your business, and adopt a diligent approach to detecting and deterring incidents of fraud. Even if your organization maintains a culture based on ethics and integrity, a comprehensive review of your antifraud programs and controls will help you identify gaps and manage your risk of fraud.

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Our Solutions

Our team of fraud and forensic professionals has an average of 20 years of fraud prevention, detection and investigation experience and is led by one of the industry’s most recognized experts. Control Solutions International puts this expertise to work for you through a set of solutions designed to protect your organization.

Fraud Prevention

The prevention of fraud starts with a thorough assessment of your organization. Our professionals perform an in-depth review to identify and evaluate the aspects of your internal and external environment that may increase the opportunity for fraud. The review targets specific fraud schemes that may pose risk to your organization. Our four-step fraud prevention review process includes:

  • Gathering entity and environmental information to determine the risk of fraud in your organization
  • Synthesizing the information gathered and identifying specific fraud schemes and scenarios that may be inherently high-risk based on your business environment and culture
  • Prioritizing fraud risks in terms of impact and likelihood
  • Categorizing internal controls designed to reduce the risk of fraud

Awareness Training

Recent regulatory guidelines and professional standards require accountants and auditors to enhance their overall awareness of fraud detection and prevention techniques. The Control Solutions International Fraud Awareness Training program prepares you to respond to these standards and requirements.

Our expertise and experience in delivering fraud prevention, detection and investigation training will equip you with the tools and techniques you need to reduce the overall risk of fraud within your organization. The program will help you:

  • Increase awareness of fraud
  • Educate employees based on actual fraud cases
  • Reduce the occurrence of fraud
  • Establish fraud protocols to address allegations of fraud
  • Develop remediation and restitution protocols

Detection

Fraud Monitoring Technologies

Our professionals help you implement automated fraud detection and monitoring systems. These fraud detection systems analyze a variety of data, such as vendor invoices and addresses, to seek out unusual or aberrant patterns of behavior in real time. Once a potential fraud item is detected, management is alerted for follow-up and remediation.

Employee Hotlines

Employee hotlines dramatically increase an organization’s ability to detect and prevent fraud. Our professionals help you establish and monitor these hotlines, and develop policies and procedures to ensure they are used appropriately.

Investigation

When an allegation of fraud is made, you may lack the resources you need to investigate the event, recover losses and potentially prosecute those who committed the fraud. Our team provides thorough investigative support for each fraud occurrence to ensure an accurate and fair outcome. Our services include:

  • Forensic accounting
  • Litigation support
  • Recovery and remediation of loss
  • Root cause analysis to identify control weakness
  • Employee interviews to gather evidence
  • Computer forensics and data recovery
  • Comprehensive reports that outline findings
  • Collaboration with internal and external legal counsel
  • Collaboration with law enforcement to prosecute employees who have committed fraud against your organization

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Internal Audits Role in Fraud Prevention