Corporate Fraud: The Human Factor

Corporate Fraud: The Human Factor
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Corporate Fraud: The Human Factor

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Corporate fraud is unlike any other risk that an organisation has to manage. It requires us to believe that we can be deceived by individuals that we know, trust and do business with – one of life’s ‘inconvenient truths’. So, we often choose to believe many of the myths that prevail: ‘our people would not commit fraud’… ‘fraud couldn’t happen to us, we’re a stable organisation’… ‘we would know quickly if it happened, we watch the vulnerable areas’.

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The fact is that people are driven by complex motivations and fraudsters exploit opportunities and gaps in the fabric of their organisation, particularly during times of change. Notable cases include Bernard Madoff’s $65 Billion fake Ponzi Scheme, and the Libor manipulation by Barclays who were consequently fined £450 million. To spot a fraud early relies on looking at the organisation through a different lens that brings the fraud trail into focus – you have to think like a fraudster, know what you are looking for and develop practical anti-fraud strategies. There are relatively few truly unique fraud schemes, but the nature of the trail and details change with economic development, advances in technology, and the emergence of new business models.

Drawing on the practical experiences of fraud investigators from across the world, in this book we provide perspectives to help you identify the many guises of the ‘fraud trail’ – taking into account cultural, technological and social factors. Through stories of ordinary and extraordinary frauds and fraudsters and those that have investigated them, we will provide a ‘fraud lens’ – helping you to protect your organisation and spot the warning signs before a small problem becomes a huge fraud which could threaten its future.

 Bloomsbury Academic (March 13, 2014)

Corporate Fraud: The Human Factor

Corporate Fraud: The Human Factor Review

This book entirely achieves its objective of assisting organisations in dealing with the discovery of fraud and in protecting themselves from the activities of fraudsters in the future. It provides most useful guidance for anyone involved in tackling corporate fraud. — Vivian Robinson QC McGuireWoods London LLP ‘The book is very well informed, yet avoids allowing the reader to gain the impression that it provides all the answers. The answers ultimately lie within the firms which truly value their reputation.’ — John Mair European Bank of Reconstruction and Development, Former Group Financial Crime Director of Lloyds Banking Group If you are not worried about fraud in your business – you should be. This book tells you how many smart people have been robbed and gives you the tools to reduce your chances of becoming a victim. Read it. Slowly. — Jon Moulton Founder and managing partner of the private equity firm Better Capital. Former managing partner of the private equity firm Alchemy Partners From the South Sea Bubble to Maxwell, Leeson, Enron etc Fraud has a fascination! Ernst & Young’s top fraud investigators brilliantly analyse every aspect of how and why fraudsters operate and how to spot the early warnings. A compelling and essential guide to mitigating the risks and damage fraud creates. — Peter Neville Lewis Principled Consulting

About the Author

Maryam Hussain is a Partner at EY and leads the government and public sector investigation team within its Fraud Investigation & Dispute Services practice. She has over 15 years’ experience of investigating fraud and corruption globally with a focus on emerging economies. Using this practical experience, Maryam advises government and business leaders on anti-fraud and corruption measures by the public and private sector. She has personally led major investigations in over 20 countries and is a frequent speaker at international conferences and business schools.

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