T&E: Don't Keep Employees in the Dark

August 2011 - Issue 9

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Eye-popping facts on increased risks your company faces

Read The Evolution of Fraud Prevention to see what some companies are doing to combat it.

Top management has its hand in the cookie jar?

KPMG's report says, "Yes!" See Company Bosses Commit More Fraud.

Company politics a problem?

Check out Four Ideas for Navigating Organizational Politics

22.1% of fraudulent disbursements are expense reimbursements

Are you in danger? See T & E - Don't Keep Your Employees in the Dark

Complimentary Whitepaper

21st Century Financial Controls

Also don't miss other articles on pin-pad fraud, how to delegate better and attend our on-demand webinar about big returns on fraud risk analysis.

Complimentary Whitepaper

21st Century Financial Controls
Using technology to stop fraud in its tracks.

Complete our one-minute reader survey.

STORES Magazine

Chain Store Age

Supermarket News

Business Finance Magazine

Financial Executive

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ACFE - Association of Certified Fraud Examiners

IIA - Institute of Internal Auditors

AICPA - American Institute of Certified Public Accountants

IQPC - International Quality and Productivity Center

VCF - Vendor Compliance Federation

IOMA - Institute of Management Association

The Balance Sheet

The APEX Analytix quarterly publication that provides insights and best practices for A/P, shared services and recovery audit professionals.

See latest issue

Kroll Global Fraud Report

ACFE Report to the Nation

Issue 9

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Feature Story

The Evolution of Fraud Prevention

What's changed and how it impacts your bottom line

by John Brocar, Vice President, Fraud Risk Solutions, APEX Analytix

You may not see top corporate execs taking "the perp walk" on the nightly news, but internal and external skullduggery is bigger than ever, despite beefed up internal controls, anonymous hotlines and all the other countermeasures put in place since the Sarbanes-Oxley Act of 2002. Read More ...

Editorial Corner

Eye-opening fraud statistics show increased risk

John Hiatt

The Cheat Sheet, sponsored by APEX Analytix, focuses on the latest developments in fraud detection and mitigation. Once a quarter, it serves as a guide to help you protect your company, better manage staff and get more done in less time.

In the last issue, we showed how other departments can benefit from a comprehensive fraud risk analysis, and why involving stakeholders from other departments can help accounts payable get a bigger bang for its prevention buck. In this issue, we share eye-opening statistics about the increasing risk every company faces, how the role of accounts payable has changed in the last few years -- and the best way to protect your organization in the future.

Your opinion matters a lot. Please let us know how successful we are at including relevant articles by taking a one-minute reader survey. We want to make this publication as valuable as possible.

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Complimentary Webinar

Getting a High Payoff from a Fraud Risk Analysis

When accounts payable considers fraud detection products and services to safeguard the company against losses, it makes good sense to look for ways that a project can benefit more internal groups than just the A/P department. During this APEX Expert� Webinar, you'll learn how data collected and analyzed during a disbursement risk analysis -- especially when it involves employee data -- can provide real value to a number of other departments.

Topics include:

Educating internal stakeholders on "company-wide" benefits of fraud risk analysis.
Collectively determine "high-risk" vendors.
Detecting internal control issues.
Recognizing patterns through statistical analysis.

Scam Alert

Company Bosses Commit More Fraud

Top management is more likely to "have its hand in the cookie jar" and commit more fraud, says a recent global KPMG survey.

Senior execs at the division, subsidiary and corporate level commit nearly one-fifth of all fraud -- 18 percent in 2011, up from 11 percent in 2007, the last time KPMG conducted the global survey. Of various top management roles, those in CEO or managing director offices account for an increase in committed fraud from just 11 percent in 2007 to 26 percent across the four-year period.

KPMG's report analyzes the pattern of fraud in 348 cases across 69 countries, selected from thousands of cases KPMG has investigated for clients. Many have never been made public. The report focuses on white-collar crime (including financial statement fraud) and paints a picture of the characteristics that make up the average fraudster. Read More ...

Risk Management : Guard against devastating financial losses

Retailer Recovers from POS Fraud
Tips others can use to combat crooks
by Kate Fitzgerald, Bank Technology News

Emerging Markets Pose Increased Risks
Companies face political upheavals, corrupt practices
by Vincent Ryan, CFO Magazine

Process Management : Implement new processes & manage you staff

Taking a Bite Out of Outsourcing Risks
Hint: Make sure you have "one version of the truth"
by Erik Krell, BigFatFinanceBlog

T&E: Don't Keep Employees in the Dark
ACFE data show 22 percent of fraudulent disbursements involved expenses
from Accounts Payable News

Time Management : Balance your work and life

Delicate, Demanding, Yet Delightful � The Art of Delegation
Those who cannot delegate cannot lead, manage or help a company grow
by Tom Nies, Expert Access

Four Ideas for Navigating Organizational Politics
Key point: Learn the unwritten rules that govern success
by Art Petty, Management Excellence

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