Countering Fraud for Competitive Advantage: The Professional Approach to Reducing the Last Great Hidden Cost
Author(s): Mark Button (Author), Jim Gee (Author)
Publisher: Wiley
Publication Date: April 1, 2013
Edition: 1st
Language: English
Print length: 208 pages
ISBN-10: 1119994748
ISBN-13: 9781119994749
Book Description
Substantially reduce the largely hidden cost of fraud, and reap a new competitive advantage.
As the title suggests, Countering Fraud for Competitive Advantage presents a compelling business case for investing in anti-fraud measures to counter financial crime. It looks at the ways of reaping a new competitive advantage by substantially reducing the hidden cost of fraud. Aimed at a wide business community and based on solid research, it is the only book to put forward an evidence-based model for combating corporate fraud and financial crime.
Despite its increase and capture of the news headlines, corporate fraud is largely ignored by most organizations. Fraud is responsible for losses of up to nine percent of revenues―sometimes more. Yet, most organizations don’t believe they have a problem and don’t always measure fraud losses. This highlights an area for capturing a competitive advantage―with the right counter-fraud strategy, massive losses due to the cost of fraud can be reduced for a fraction of the return.
Advocates a new model for tackling fraud and illustrates theories with best practice examples from around the world
The authors have close links with the Counter Fraud Professional Accreditation Board: Jim Gee is a world–renowned expert in the field, and has advised private companies and governments from more than 35 countries. Mark Button is Director of the leading Centre for Counter Fraud Studies, Portsmouth University, U.K.
Organizations are losing millions of dollars to fraud. This book outlines a comprehensive approach to reducing financial crime and helping return some of the revenue lost to the cost of fraud.
Editorial Reviews
From the Inside Flap
All businesses are, in some way, affected by fraud. However, the cost of this often remains hidden; either it is not measured at all, or it is measured inaccurately by using detected fraud losses, which don’t take into account the inevitable, undetected frauds. This book demonstrates that, on average, most organisations experience fraud losses of around 5%.
In a competitive market place, every business and organisation needs to look for innovative ways to reduce costs. Countering Fraud for Competitive Advantage: The Professional Approach to Reducing the Last Great Hidden Cost outlines a model designed to achieve significant reductions in fraud losses while utilising cost-effective methods, which can produce a return on investment of twelve times or more.
Key elements of the book include:
An analysis of what fraud is and its impact on an organisation
Insights into who commits fraud and the influence of culture
The basic principles of fraud measurement and how this should shape an organisation’s overall counter-fraud strategy
A wide range of tools used to prevent fraud and create an anti-fraud culture
Emphasis on the importance of making fraud a cost, and the use of metrics and KPIs in countering fraud
Countering Fraud for Competitive Advantage: The Professional Approach to Reducing the Last Great Hidden Cost provides organisations with a complete toolkit to create an effective counter-fraud strategy, allowing them to reap the competitive advantage that will result from a significant reduction in fraud losses.
Practitioners looking for a straightforward end to end guide on tackling fraud will find this book useful. From understanding the fraud problem, measuring losses and resilience to examining the importance of sanctions and redress this book covers new and already established ground. It uniquely covers the subject of the counter fraud professional and what a professional counter fraud service and infrastructure should look like, which will help many managers in establishing effective operations. Read alongside other academic counter fraud pieces it gives a holistic picture of issues and solutions. —Stephen Harrison, Chief Executive of the National Fraud Authority
From the Back Cover
All businesses are, in some way, affected by fraud. However, the cost of this often remains hidden; either it is not measured at all, or it is measured inaccurately by using detected fraud losses, which don’t take into account the inevitable, undetected frauds. This book demonstrates that, on average, most organisations experience fraud losses of around 5%.
In a competitive market place, every business and organisation needs to look for innovative ways to reduce costs. Countering Fraud for Competitive Advantage: The Professional Approach to Reducing the Last Great Hidden Cost outlines a model designed to achieve significant reductions in fraud losses while utilising cost-effective methods, which can produce a return on investment of twelve times or more.
Key elements of the book include:
An analysis of what fraud is and its impact on an organisation
Insights into who commits fraud and the influence of culture
The basic principles of fraud measurement and how this should shape an organisation’s overall counter-fraud strategy
A wide range of tools used to prevent fraud and create an anti-fraud culture
Emphasis on the importance of making fraud a cost, and the use of metrics and KPIs in countering fraud
Countering Fraud for Competitive Advantage: The Professional Approach to Reducing the Last Great Hidden Cost provides organisations with a complete toolkit to create an effective counter-fraud strategy, allowing them to reap the competitive advantage that will result from a significant reduction in fraud losses.
Practitioners looking for a straightforward end to end guide on tackling fraud will find this book useful. From understanding the fraud problem, measuring losses and resilience to examining the importance of sanctions and redress this book covers new and already established ground. It uniquely covers the subject of the counter fraud professional and what a professional counter fraud service and infrastructure should look like, which will help many managers in establishing effective operations. Read alongside other academic counter fraud pieces it gives a holistic picture of issues and solutions. ―Stephen Harrison, Chief Executive of the National Fraud Authority
About the Author
Professor Mark Button is Director of the Centre for Counter Fraud Studies at the Institute of Criminal Justice Studies, University of Portsmouth. Mark has written extensively on counter fraud and private policing issues, publishing many articles, chapters and completing five books with two forthcoming. Some of the most significant research projects include leading the research on behalf of the National Fraud Authority and ACPO on fraud victims; the Department for International Development on fraud measurement, Acromas (AA and Saga) on ‘Cash-for-Crash fraudsters’, the Midlands Fraud Forum, Eversheds and PKF on ‘Sanctioning Fraudsters’. Mark has also acted as a consultant for the United Nations Offices on Drugs and Crime on Civilian Private Security Services. Mark also holds the position of Head of Secretariat of the Counter Fraud Professional Accreditation Board. Before joining the University of Portsmouth he was a Research Assistant to the Rt Hon Bruce George MP specialising in policing, security and home affairs issues. Mark completed his undergraduate studies at the University of Exeter, his Masters at the University of Warwick and his Doctorate at the London School of Economics.
Jim Gee is Director of Counter Fraud Services at BDO LLP, the leading accountancy and business services firm and Chair of the Advisory Board and Visiting Professor at the Centre for Counter Fraud Studies at University of Portsmouth. During more than 25 years as a counter fraud specialist, he led the team which cleaned up one of the most corrupt local authorities in the UK – London Borough of Lambeth – in the late 1990s; he advised the House of Commons Social Security Select Committee on fraud and Rt. Hon. Frank Field M.P. during his time as Minister of State for Welfare Reform; between 1998 and 2006 he was Director of Counter Fraud Services for the Department of Health and CEO of the NHS Counter Fraud Service, achieving reductions in losses of up to 60% and financial benefits equivalent to a 12 : 1 return on the costs of the work. Between 2004 and 2006 he was the founding Director General of the European Healthcare Fraud and Corruption Network; and he has since worked as a senior advisor to the UK Attorney-General on the UK Government’s Fraud Review as well as delivering counter fraud and regulatory services to public bodies and private companies both in this country and internationally. He has worked with organisations from more than 35 countries to counter fraud including for mining companies in Africa and South East Asia. He has also advised the Chinese Government about how to measure, pre-empt and reduce the financial cost of fraud.
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