Corporate Resiliency: Managing the Growing Risk of Fraud and Corruption | by Toby J. Bishop and Frank E. Hydoski | 2009 | ISBN: 9780470405178. Principles of Fraud Risk Management. Fraud and Corruption Avoidance Strategies and Tactics. Anti-Fraud Controls.

November 23, 2009 by kutenk
Filed under: Business Books 

Corporate Resiliency: Managing the Growing Risk of Fraud and Corruption

by Toby J. Bishop and Frank E. Hydoski
2009 (240 pages)
ISBN:9780470405178

Through practical insights and highlighting traps to avoid, this plain-English guide describes a proactive fraud and corruption risk management process that can enhance corporate resiliency.

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Corporate Resiliency—Managing the Growing Risk of Fraud and Corruption







Foreword
Preface
Part 1 – Fraud and Corruption Today
Chapter 1 – Can We Eliminate Fraud and Corruption?
Not a pretty picture
Focusing on the larger picture
Potential for catastrophe
Why now?
Resiliency as a corporate goal

Chapter 2 – The Growing Risk of Fraud and Corruption
Why should my company be especially concerned about fraud and corruption now?
Local problems, global pain
Awareness is crucial
Common sense and observable reality
Tailoring efforts to avert damage

Chapter 3 – The Costs of Fraud and Corruption
Higher stakes
Casting a shadow on the future
Cost and availability of capital
Bad news travels even faster than before
Don’t expect a slap on the wrist

Part 2 – On Becoming Resilient: Strategies for Avoiding and Minimizing the Impact of Fraud and Corruption
Chapter 4 – Building a Resilient Corporation
What determines survivability?
Reducing vulnerability
Traits of a resilient corporation
Three key characteristics of resiliency
Why resiliency is achievable
Learn from the experience of others
What are the benefits of fraud and corruption risk management?
Five principles of fraud risk management
The first line of defense
How can companies use the new guidance?
Building resiliency by enhancing fraud and corruption risk management
Corporate resiliency self-assessment tool

Chapter 5 – Fraud and Corruption Risk Assessment
Behind the facade
What is a fraud and corruption risk assessment?
How important is a good fraud and corruption risk assessment?
Implementing fraud and corruption risk assessments
Risk assessment reports: The good, the bad, and the invisible
Four quadrants; four risk management strategies
Questions to ask about your fraud and corruption risk assessment

Chapter 6 – Company-wide Anti-Fraud Controls: The Role of the Control Environment and High-Level Strategies
Creating an anti-fraud control environment
What exactly is a control environment and why is it important?
Tone at the top
The control environment as a bulwark
The control environment and governance
Put it in writing
Setting the tone
Internal audit’s role
Measuring tone at the top
Written code of ethics/conduct
Why is a code important?
Excerpts from deloitte code of ethics and professional conduct
How does management create a successful code of ethics/conduct?
Ethics training for all employees—including management
Hotlines, helplines and whistle-blower programs
The role of human resources—employee selection and discipline
Other general strategies of which fraud risk management is a component
Enterprise risk management
Fundamentals of ERM
Achieving risk intelligence
Fundamentals of GRC
Complicated, but worth the effort
Integrated versus nonintegrated GRC
Survey results show desire for integrated GRC
Key attributes of companies with robust GRC strategies
PACI, anti-corruption, and the control environment

Chapter 7 – Preventive Controls: Particular Fraud and Corruption Avoidance Strategies and Tactics
Getting down to brass tacks
Confronting fraud and corruption risks
Background checks and enhanced due diligence
Automation can be essential
Preventive controls and three broad categories of risk
Monitoring and evaluating preventive controls
Continuous controls monitoring
Correcting deficiencies
The roles of ERM and GRC

Chapter 8 – Detective Controls and Transaction Monitoring
The importance of monitoring and detection
Monitoring and detection tactics
Whistle-blower hotlines
Risk-based internal audits as a fraud detection tactic
Manual monitoring
Technology-based detection tactics
Examples of fraud detection using data interrogation techniques
Continuous fraud monitoring
Is CFM for everyone?
The importance of lookbacks as a control check
Questions to ask about monitoring and detection

Chapter 9 – Preparing for Fraud and Corruption Investigations and Remediation
Be prepared
An ounce of planning…
What to do when regulators come knocking…
Evaluating the allegation
Assembling the right investigation team
When to call for help
Establishing investigation protocols up front
Collecting and preserving crucial data
Newer challenges, newer technologies
Communication—enough but not too much
The benefits of a case management system
Remediation—getting more value from investigations

Chapter 10 – The Players’ Roles (Including Yours)
New rules, new responsibilities
The value of a cross-functional committee
The role of the compliance officer
Fraud and corruption risk management is everyone’s business

Conclusion – What the Future May Hold
Overview
Good fraud and corruption risk assessment is crucial
Embracing new roles and responsibilities
Measuring performance
We won’t predict the future, but…
Take your first steps now

Afterword
Appendix – Examples of Fraud Risk Factors
Risk factors relating to misstatements arising from fraudulent financial reporting
Risk factors relating to misstatements arising from misappropriation of assets

Recommended Reading



Resources most suitable for busy executives, directors, and audit committee members
Fraud and corruption risk resources
Fraud and corruption control resources

References



Preface
Chapter 2: The growing risk of fraud and corruption
Chapter 3: The costs of fraud and corruption
Chapter 4: Building a resilient corporation
Chapter 5: Fraud and corruption risk assessment
Chapter 6: Company-wide anti-fraud controls: The role of the control environment and high-level strategies
Chapter 7: Preventive controls: Particular fraud and corruption avoidance strategies and tactics
Chapter 8: Detective controls and transaction monitoring
Chapter 9: Preparing for fraud and corruption investigations and remediation
Chapter 10: The players’ roles (including yours)
Conclusion—what the future may hold

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