In sports, do you think teams like the Green Bay Packers, NY Yankees, Edmonton Oilers, and UConn women's basketball team won their multiple championships due to just one player? No, you cannot win unless everyone is playing at a high level and playing as a team.
Fraud prevention is no different. Fraud risks are always present, and we all have seen how it has increased this decade. It is easy to think that someone else is watching out for fraud risks, maybe management, maybe Risk, or Internal Audit. Some people think that their external audit is a strong fraud detection control (hint - that is one of the least ways fraud is detected). Internal Audit may be looked at to be the group who identifies fraud, but truthfully, EVERYONE at your company is responsible. It is a TEAM SPORT, and you need the whole team to prevent it.
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Deron Rossi of Jefferson Wells gave an update on the latest fraud trends and shared some of the key findings in the Association of Certified Fraud Examiners (ACFE) Report to the Nations. He added personal stories of frauds that he has seen.
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