Corporate Resiliency: Managing the Growing Risk of Fraud and Corruption

PRAISE FOR CORPORATE RESILIENCY Managing the Growing Risk of Fraud and Corruption

"Fraud and corruption have been with us forever, but happily there is growing realization that these crimes undermine trust in government, companies, and markets alike. Toby Bishop and Frank Hydoski do not just recognize that problem, but clearly set out ways and means for dealing with it."
Paul A. Volcker, former Federal Reserve Chairman and Chairman of the President's Economic Recovery Advisory Board

"At a time of rising public demand for good corporate conduct, Corporate Resiliency is a welcome resource for those seeking to manage fraud and corruption risks. Toby Bishop and Frank Hydoski provide a highly operational road map for assessing risk and preventing, detecting, and responding to fraud and corruption when it does occur."
Nancy Zucker Boswell, President and CEO, Transparency International - USA

"If you need a view of fraud and corruption from the top, this is your book. Bishop and Hydoski do an excellent job of explaining to executives why fraud and corruption are such serious issues for organizations, how we got where we are, and how to prevent and detect the devastating fallout from these crimes. A terrific read."
Joseph T. Wells, CFE, CPA, founder and Chairman, Association of Certified Fraud Examiners

"Corporate Resiliency offers managers and directors a holistic approach to the management of fraud and corruption risk that speaks to the same measures of productivity and profitability used in more conventional business processes. It walks the reader through the relationships among the board of directors, the audit committee, senior management, and staff in the process of fraud risk management, with a clear eye toward the intent and direction of fast-changing legislation and regulatory guidance."
From the Foreword by Mark G. Califano, Esq., Head of Litigation, GE Capital Finance

In today's global economy, fraud and corruption can more easily set off a chain of events resulting in serious financial and reputational loss. Corporate Resiliency reveals why resiliency in your company is not only just as crucial as innovation, customer-centricity, and competitiveness—it may be vital to your company's success.

1112113970
Corporate Resiliency: Managing the Growing Risk of Fraud and Corruption

PRAISE FOR CORPORATE RESILIENCY Managing the Growing Risk of Fraud and Corruption

"Fraud and corruption have been with us forever, but happily there is growing realization that these crimes undermine trust in government, companies, and markets alike. Toby Bishop and Frank Hydoski do not just recognize that problem, but clearly set out ways and means for dealing with it."
Paul A. Volcker, former Federal Reserve Chairman and Chairman of the President's Economic Recovery Advisory Board

"At a time of rising public demand for good corporate conduct, Corporate Resiliency is a welcome resource for those seeking to manage fraud and corruption risks. Toby Bishop and Frank Hydoski provide a highly operational road map for assessing risk and preventing, detecting, and responding to fraud and corruption when it does occur."
Nancy Zucker Boswell, President and CEO, Transparency International - USA

"If you need a view of fraud and corruption from the top, this is your book. Bishop and Hydoski do an excellent job of explaining to executives why fraud and corruption are such serious issues for organizations, how we got where we are, and how to prevent and detect the devastating fallout from these crimes. A terrific read."
Joseph T. Wells, CFE, CPA, founder and Chairman, Association of Certified Fraud Examiners

"Corporate Resiliency offers managers and directors a holistic approach to the management of fraud and corruption risk that speaks to the same measures of productivity and profitability used in more conventional business processes. It walks the reader through the relationships among the board of directors, the audit committee, senior management, and staff in the process of fraud risk management, with a clear eye toward the intent and direction of fast-changing legislation and regulatory guidance."
From the Foreword by Mark G. Califano, Esq., Head of Litigation, GE Capital Finance

In today's global economy, fraud and corruption can more easily set off a chain of events resulting in serious financial and reputational loss. Corporate Resiliency reveals why resiliency in your company is not only just as crucial as innovation, customer-centricity, and competitiveness—it may be vital to your company's success.

50.0 In Stock
Corporate Resiliency: Managing the Growing Risk of Fraud and Corruption

Corporate Resiliency: Managing the Growing Risk of Fraud and Corruption

Corporate Resiliency: Managing the Growing Risk of Fraud and Corruption

Corporate Resiliency: Managing the Growing Risk of Fraud and Corruption

Paperback

$50.00 
  • SHIP THIS ITEM
    Qualifies for Free Shipping
  • PICK UP IN STORE
    Check Availability at Nearby Stores

Related collections and offers


Overview

PRAISE FOR CORPORATE RESILIENCY Managing the Growing Risk of Fraud and Corruption

"Fraud and corruption have been with us forever, but happily there is growing realization that these crimes undermine trust in government, companies, and markets alike. Toby Bishop and Frank Hydoski do not just recognize that problem, but clearly set out ways and means for dealing with it."
Paul A. Volcker, former Federal Reserve Chairman and Chairman of the President's Economic Recovery Advisory Board

"At a time of rising public demand for good corporate conduct, Corporate Resiliency is a welcome resource for those seeking to manage fraud and corruption risks. Toby Bishop and Frank Hydoski provide a highly operational road map for assessing risk and preventing, detecting, and responding to fraud and corruption when it does occur."
Nancy Zucker Boswell, President and CEO, Transparency International - USA

"If you need a view of fraud and corruption from the top, this is your book. Bishop and Hydoski do an excellent job of explaining to executives why fraud and corruption are such serious issues for organizations, how we got where we are, and how to prevent and detect the devastating fallout from these crimes. A terrific read."
Joseph T. Wells, CFE, CPA, founder and Chairman, Association of Certified Fraud Examiners

"Corporate Resiliency offers managers and directors a holistic approach to the management of fraud and corruption risk that speaks to the same measures of productivity and profitability used in more conventional business processes. It walks the reader through the relationships among the board of directors, the audit committee, senior management, and staff in the process of fraud risk management, with a clear eye toward the intent and direction of fast-changing legislation and regulatory guidance."
From the Foreword by Mark G. Califano, Esq., Head of Litigation, GE Capital Finance

In today's global economy, fraud and corruption can more easily set off a chain of events resulting in serious financial and reputational loss. Corporate Resiliency reveals why resiliency in your company is not only just as crucial as innovation, customer-centricity, and competitiveness—it may be vital to your company's success.


Product Details

ISBN-13: 9781119090847
Publisher: Wiley
Publication date: 04/13/2009
Pages: 240
Product dimensions: 5.90(w) x 8.90(h) x 0.70(d)

About the Author

Toby J. F. Bishop is the Director of the Deloitte Forensic Center for Deloitte Financial Advisory Services LLP in Chicago. A thought leader on fraud prevention and detection, named five times to Accounting Today's Top 100 Most Influential People in the Accounting Profession, he is the former president and CEO of the Association of Certified Fraud Examiners, the global professional body for anti-fraud specialists. He is a graduate of the University of Oxford.

Frank E. Hydoski is the leader of the Analytic and Forensic Technology practice of Deloitte Financial Advisory Services LLP. Internationally recognized for his work in complex investigations, he served as chief of forensics for the Independent Inquiry Committee into the United Nations Oil-for-Food Programme and led a key forensic effort in the investigation of Holocaust-era accounts held by Swiss banks. He is a graduate of San Diego State University and obtained his PhD from the University of Chicago.

Table of Contents

Foreword xi

Preface xv

Acknowledgments xix

Introduction xxi

Part One: Fraud and Corruption Today

Chapter 1: Can We Eliminate Fraud and Corruption? 3

Not a pretty picture 3

Focusing on the larger picture 5

Potential for catastrophe 6

Why now? 7

Resiliency as a corporate goal 10

Chapter 2: The Growing Risk of Fraud and Corruption 12

Why should my company be especially concerned about fraud and corruption now? 12

Local problems, global pain 15

Awareness is crucial 17

Common sense and observable reality 18

Tailoring efforts to avert damage 18

Chapter 3: The Costs of Fraud and Corruption 20

Higher stakes 20

Casting a shadow on the future 22

Cost and availability of capital 25

Bad news travels even faster than before 26

Don’t expect a slap on the wrist 26

Part Two: On Becoming Resilient: Strategies for Avoiding and Minimizing the Impact of Fraud and Corruption

Chapter 4: Building a Resilient Corporation 31

What determines survivability? 31

Reducing vulnerability 32

Traits of a resilient corporation 32

Three key characteristics of resiliency 33

Why resiliency is achievable 33

Learn from the experience of others 34

What are the benefits of fraud and corruption risk management? 35

Five principles of fraud risk management 37

The first line of defense 39

How can companies use the new guidance? 40

Building resiliency by enhancing fraud and corruption risk management 40

Corporate resiliency self-assessment tool 42

Chapter 5: Fraud and Corruption Risk Assessment 45

Behind the facade 45

What is a fraud and corruption risk assessment? 46

How important is a good fraud and corruption risk assessment? 47

Implementing fraud and corruption risk assessments 50

Risk assessment reports: The good, the bad, and the invisible 58

Four quadrants; four risk management strategies 61

Questions to ask about your fraud and corruption risk assessment 64

Chapter 6: Company-wide Anti-Fraud Controls: The Role of the Control Environment and High-Level Strategies 66

Creating an anti-fraud control environment 67

What exactly is a control environment and why is it important? 67

Tone at the top 68

The control environment as a bulwark 69

The control environment and governance 70

Put it in writing 71

Setting the tone 71

Internal audit’s role 73

Measuring tone at the top 73

Written code of ethics/conduct 74

Why is a code important? 74

Excerpts from Deloitte Code of Ethics and Professional Conduct 75

How does management create a successful code of ethics/conduct? 76

Ethics training for all employees—including management 77

Hotlines, helplines, and whistle-blower programs 78

The role of human resources—employee selection and discipline 80

Other general strategies of which fraud risk management is a component 81

Enterprise risk management 82

Fundamentals of ERM 82

Achieving risk intelligence 83

Fundamentals of GRC 84

Complicated, but worth the effort 85

Integrated versus nonintegrated GRC 85

Survey results show desire for integrated GRC 86

Key attributes of companies with robust GRC strategies 87

PACI, anti-corruption, and the control environment 88

Chapter 7: Preventive Controls: Particular Fraud and Corruption Avoidance Strategies and Tactics 91

Getting down to brass tacks 91

Confronting fraud and corruption risks 93

Background checks and enhanced due diligence 95

Automation can be essential 96

Preventive controls and three broad categories of risk 96

Monitoring and evaluating preventive controls 100

Continuous controls monitoring 102

Correcting deficiencies 103

The roles of ERM and GRC 104

Chapter 8: Detective Controls and Transaction Monitoring 105

The importance of monitoring and detection 105

Monitoring and detection tactics 107

Whistle-blower hotlines 107

Risk-based internal audits as a fraud detection tactic 110

Manual monitoring 112

Technology-based detection tactics 112

Examples of fraud detection using data interrogation techniques 114

Continuous fraud monitoring 117

Is CFM for everyone? 119

The importance of lookbacks as a control check 120

Questions to ask about monitoring and detection 121

Chapter 9: Preparing for Fraud and Corruption Investigations and Remediation 122

Be prepared 122

An ounce of planning . . . 124

What to do when regulators come knocking . . . 125

Evaluating the allegation 126

Assembling the right investigation team 127

When to call for help 128

Establishing investigation protocols up front 129

Collecting and preserving crucial data 130

Newer challenges, newer technologies 131

Communication—enough but not too much 133

The benefits of a case management system 133

Remediation—getting more value from investigations 134

Chapter 10: The Players’ Roles (Including Yours) 136

New rules, new responsibilities 136

The value of a cross-functional committee 146

The role of the compliance officer 147

Fraud and corruption risk management is everyone’s business 148

Conclusion: What the Future May Hold 151

Good fraud and corruption risk assessment is crucial 153

Embracing new roles and responsibilities 154

Measuring performance 155

We won’t predict the future, but . . . 155

Take your first steps now 156

Afterword 157

Appendix: Examples of Fraud Risk Factors 161

Recommended Reading 169

References 173

Disclosure 189

About the Authors 191

Index 193

From the B&N Reads Blog

Customer Reviews