Fraud prevention
Prevention is better than cure
All too often we see managers focus their efforts on fraud only after the event.
At which point the only possible steps are in reaction to the event to limit the impact and ensure that a case like this does not occur again, such as dismissal of the fraudster in question.
We however believe that the approach to fraud should be preventive and that only a combination of prevention and detection offers sufficient assurance that the fraud risk is under control. In the fight against fraud the focus should be on preventive measures.
Our service consists of assessments of fraud risks, advice on implementing control measures, training and whistleblowing services.
Assessment of fraud risks
The BDO experts will examine your organisation for latent risks of fraud based on your activities, existing fraud schemes, your sector and control measures in place. They will then make recommendations and draw up action plans to raise your company to a higher level of maturity.
Implementation and guidance during implementation of internal controls
- Policy and guidelines
- A vision and mission are indispensable in a company. The resulting strategy must be clearly defined and the associated procedures must be presented transparently. We help you to create this framework in which our experts focus on fraud and the fight against fraud.
- Code of conduct
- Integrity is the basic standard for every employee and manager, but also one of the cornerstones for preventing fraud. A code of conduct stimulates integrity and prevents dishonest behaviour. We can help you draw up this reference framework for your organisation, with which you can establish clear agreements and penalties if necessary.
- Access management and segregation of duties
- Our experience has taught us that many cases of fraud can be prevented by effective access management both from the outside and from the inside, as well as by a segregation of duties with accompanying four-eyes principle. We can help you implement these key controls in your company.
- Response plan
- Organisations without a response plan are less able to deal with fraud and misconduct. In case of fraud, they will have to invest more time and suffer greater damage. It is therefore important to have such a plan in place so that you can act quickly and effectively in a forensically sound manner. BDO will be happy to help you draw up such a response plan.
Training in fraud risks
- Dilemma training for managers
- Integrity is the most important characteristic of a good leader, and with the “tone @ the top” in mind, this actually applies to every manager. Decisions must be made every day, and we train your management in making these decisions in an ethically correct manner.
- General fraud risk training
- It is important to understand how you as a company tackle fraud prevention and control as a whole. BDO can train your employees in this approach so that your employees can get to work on this themselves.
- Ad-hoc training
- Our experts are certified in fraud management and fraud investigation and keep in close touch with the latest developments. This is why we are in a perfect position to educate your employees on the latest trends and existing fraud schedules so that you too are ready to prevent and respond to fraud adequately. Examples include CEO fraud, invoicing fraud, identity fraud and internal hacking.
Whistleblowing
Nearly half of the cases of fraud come to light via a “hotline”. From a legal point of view, in Belgium we are still awaiting the European legislation that is being drawn up, but given the high level of response, it is advisable to implement an anonymous whistleblower system in which employees, customers and partners can report fraud or misconduct in a low-threshold manner and at a stage when the violations are still on a small scale. BDO can help you implement such an anonymous system in your company or we can offer it as a service outside your company, which greatly increases the perception of objectivity.