cash risk assessment. fraud overviewfraud schemeswhen & how fraud happensour approach to fraud...

CASH RISK ASSESSMENT

Overview

Fraud Common in Workplaces

Occupational fraud is the use of ones occupation for personal enrichment through misuse of the employing organizations resources.

• Nearly 75% of all companies from around the world suffer from fraud

• 85% of the worst frauds reported were committed by company employees

• Small business suffer higher fraud losses than large organizations

Cash Risk Assessment

Cash fraud is more common

Cash Risk Assessment

Fraudsters most often target currency, check and money order

* Data from ACFE Report to the Nation on Occupational Fraud & Abuse

Skimming

Cash Risk Assessment

Scheme in which cash is stolen before it is recorded on the organization’s books and records.

• Employee accepts payment from a customer but does not record the sale

Cash Larceny

Cash Risk Assessment

Scheme in which cash is stolen from an organization after it has been recorded on the organization’s books and records.

• Employee steals from daily receipts before they can be deposited in bank

Billing

Cash Risk Assessment

Scheme in which a person steals his/her employer to issue payment by submitting invoices for fictitious goods/services, inflated invoices or invoices for personal purchases.• Employee purchases

personal items, submits invoice for payment.

Reimbursements

Cash Risk Assessment

Scheme in which an employee makes a claim for reimbursement of fictitious or inflated business expenses.• Employee files

fraudulent expense report, claiming personal travel, nonexistent meals, etc.,

Check Tampering

Cash Risk Assessment

Scheme in which a person steals his/her employer’s funds by forging/altering a check on one of the organization’s back account, or steals a check the organization has issued to another payee.• Employee steals blank

checks, makes them out to himself/an accomplice.

Payroll

Cash Risk Assessment

Scheme in which an employee causes his/her employer to issue a payment by making false claims for compensation.• Employee claims over-

time for un-worked hours

• Employee adds ghost employees to the payroll

Wire Transfers

Cash Risk Assessment

Scheme in which a person steals his/her employer’s funds by fraudulently wire transferring them out of the employer’s bank accounts.• Employee causes

funds to be wired from company bank accounts to an account controlled by employee or accomplice

Disbursements

Cash Risk Assessment

Scheme in which an Employee makes false entries on a cash register to conceal the fraudulent removal of cash.• Employee fraudulently

voids a sale on his cash register and steals the cash.

When fraud happens

Cash Risk Assessment

How fraud is detected

Cash Risk Assessment

Our Approach

Cash Risk Assessment

“STALL” Approach - Structure

Cash Risk Assessment

“STALL” Approach - Train

Cash Risk Assessment

“STALL” Approach - Assess

Cash Risk Assessment

Risk Assessment Report

Cash Risk Assessment

Risk Assessment Model

Cash Risk Assessment

Risk Assessment Report

Cash Risk Assessment

“STALL” Approach – Learn

Cash Risk Assessment

“STALL” Approach – Listen

Cash Risk Assessment

Our Service

Cash Risk Assessment

GET IN TOUCH TODAY: Phone: (044) 28362531 / 32 / 33Email : lionel@verveindia.comWeb : http://www.verveindia.com