Corporate Resiliency
Managing the Growing Risk of Fraud and Corruption
By Toby J.F. Bishop and Frank E. Hydoski
The twenty-first century global economy brings cheaper sources of supply and huge new markets, but also exposes companies to much greater risks and consequences of fraud and corruption. As a result of greater enforcement around the world, global media attention, and changing attitudes of consumers, fraud and corruption can now cost companies billions and destroy or severely damage their reputation.
I’ve said it before and I will say it again, fraud and corruption attempts are not declining but rather are on the increase. As new technologies and new business opportunities evolve, there are elements of our society that seek new ways to perpetrate fraud and extract resources from our organizations. According to the authors this book offers managers and directors a holistic approach to the management of fraud and corruption risk…This book was written to address a changing legislative and regulatory environment. The authors begin as most books of this type do with fraud as it currently exists and the reasons why, the growing risk and the associated costs. Part 2 of the book covers resiliency or strategies for avoiding or minimizing the impact of fraud and corruption. Subject matter covered includes risk assessment, anti-fraud preventive and detective controls and investigations. Roles of the key players including internal audit are followed by the authors conclusions. The combined experience of the authors provides valuable insight into what organizations should do to prepare for the continuing threats of fraud and corruption. Internal auditors should use this book and share it with senior management and the audit committee as a basis for forming their fraud risk assessment plans.
JMK 2010