Internal and External Fraud

5 percent of revenues are lost due to fraud, or 800 Billion USD worldwide, as recent studies show. If losses go unchecked, they can rise quickly. Large losses can also diminish investor confidence, which may cause negative brand publicity. Fraud losses even increase the odds of regulatory scrutiny which can often lead to fines, sanctions, and penalties.

Promote Your Business

Forensic Accounting and Financial Investigations

The Council is available to assist organisations in responding to investigations involving book keeping and finance reports. We respond efficiently and confidentially to protect business reputations and assets, prevent repeat occurrences by creating effective systems, and resolve matters with little impact to the business. The Council’s approach allows us to prepare presentations and reports that will show up to the utmost scrutiny.

Fraud Monitoring Technologies

Our experts assist you in implementing automated fraud detection systems. These systems analyse a multitude of information, including vendor information, to discover unusual or suspect patterns of behaviour in real time. When a possibly fraudulent item is uncovered, management will be alerted for follow-up and remediation.

Employee Hotlines

Having an employee hotlines can dramatically increase a business’ skills in detecting and preventing fraud. Our staff help establish and run these hotlines, as well as creating procedures and policies to make sure they are implemented correctly.

The Council can help organisations resolve multifaceted fraud problems with the following fraud consulting services:

  • Assessment of fraud/organisational staffing models
  • Evaluation of fraud detection and analysis tools
  • Reviewing and improving fraud controls, and creating new ones when needed.
  • Fraud prevention/detection/communication strategies
  • Fraud internal controls & fraud risk assessments: prevention, mitigation, detection
  • Identification of revenue loss and data theft zones
  • Revising policies, processes and procedures: mitigate civil litigation, regulatory application, and criminal actions
  • Protecting against internal and external brand injury, customer discontentment and poor publicity
  • Providing front line personnel with anti-fraud training: increase awareness and effectiveness of fraud risk management strategies
  • Conducting “gap analysis” reports in anti-fraud policies, processes, programmes and controls: developing customizable fraud risk mitigation solutions and effective implementation strategies
  • Fraud compliance, regulatory strategies and fraud audit development/review
  • Reviewing and evaluating anti-fraud response plan and implementing actionable risk mitigation steps to reduce fraud losses
  • Implementing “lessons learned” programme to avoid re-victimization and additional losses
  • Evaluating anti-fraud metrics, providing revised procedures and data capture endorsements where necessary to escalate fraud performance and ROI
  • Creating law enforcement liaison programmes and improved exploratory methodologies to build unit and company anti-fraud ROI and enhanced processes where deficiencies have been identified.
  • Reviewing and evaluating anti-fraud response plan and implementing actionable risk mitigation steps to reduce fraud losses

(Coronavirus Pandemic)

Notice Date: 30th March 2020

The health and safety of our staff and contractors are of paramount importance. As such all ITC staff have been advised to work from home for the next 30 days and avoid all non-essential travel. This may reduce accessibility of staff via phone but, pending individual internet issues, most trade commissioners should be accessible via email.

The Council’s IT infrastructure systems are redundant and we use tried and tested collaborative tools that allow full remote working for all staff and contractors. As we use an IP-based phone system, all of our contact details will remain the same.

All webinars, conferences and trade missions are temporarily paused pending the end of the 30 day home quarantine period. The Trade Mission to Malta, Trade Mission to Estonia and Trade Mission to Finland are being re-scheduled for August 2020. Pending any major changes in the current Pandemic situation, Trade Commissioners should update attendees within the next 45 days.

All accounting functions and non-trade-related functions are temporarily paused for the 30 day home quarantine period.

The Council recommends all businesses follow the WHO guidelines which give some useful practical advice for workplaces.

Please stay at home if possible and stay safe!

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