PROTECT YOUR BUSINESS PROTECT YOUR BUSINESS REVENUE FROM LOSS OF REVENUE FROM LOSS OF FRAUDFRAUD

HOW TO PROTECT YOUR BUSINESS HOW TO PROTECT YOUR BUSINESS REVENUE FROM THE LOSS OF FRAUD?REVENUE FROM THE LOSS OF FRAUD?

• Firstly, consider the following questions:-Is fraud a business case in your company?Can your business escape fraud?Have you been preventive enough?

• Then, let you know the answers to above questions.

1. Is fraud a business case at your 1. Is fraud a business case at your company?company?

There is no a business company which is ready to lose annually 5% of its revenue due to fraud. According to the 2012 global fraud study which was conducted by the Association of Certified Fraud Examiners (ACFE), organization loses 5% of its revenues to fraud in each year. Applied to 2011 Gross World Product, this figure translates to a potential projected annual fraud loss of more than 3.5 trillion USD.

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Make no mistake- Fraud is a problem that drains a lot of money from the economy each year. Apart from directly reducing corporate profit fraud can lead to losses of business brand power, reputation, market share, competitive advantage, momentum, innovation, revenue, and equity.

2. Can your business escape fraud?2. Can your business escape fraud?

Duleep Thomas- Former Senior Vice President and General Auditor at Wyndham Worldwide Corporation once said “senior management needs to acknowledge that fraud can occur anywhere, at any time, and in any Company. It is okay to say ‘We operate in an environment of trust.’ Once you accept this reality, then need to understand where fraud can be perpetrated- both internally and externally- with respect to the business.

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The current economic pressures have increased incentives for employees, suppliers, sales agencies and other business partners to act untrustworthily. There remains a real need for companies and those charged with their governance and oversight to revisit their focus on the risk of fraud.

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Ed Rosenberg, also a Vice president at Corporate Security for Financial Institution CIBC, says “The nature of the threat has expanded. The level of complexity or sophistication of the threat has changed. You need to be responsive to these changes and recognize that sometimes your controls need to be enhanced, need to be altered. The ability to use information from monitoring systems to predict patterns or to identify something that has gone wrong has been very valuable”.

3. Have you been preventive enough?3. Have you been preventive enough?

Most of business owners, directors and managers choose to hire trustworthy individuals and transfer risk to the insurance companies in order to protect their businesses against possible fraud. However those decisions have been not so effective because of the following factors:-i. Finding people who are really trustworthy

has been very difficult and no longer enough.

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ii. 100% of risk transfer is difficult- think about the cost of investigating fraud, criminal or disciplinary procedures, replenishment of vacant post to replace fraudster in exit and lesson left to other workers that fraudster can be untouchable and left to go away with stolen money.

• Therefore, strengthening business controls is a proactive strategy which has been recommended globally as the best practice.

After knowing the answers of the above After knowing the answers of the above three questions, it is now the high time to three questions, it is now the high time to say say ‘NO’ ‘NO’ to fraud. You should make a zero to fraud. You should make a zero tolerance towards fraud (plus all its aspects) tolerance towards fraud (plus all its aspects) and protect your business revenues from and protect your business revenues from loss of fraud.loss of fraud.

Make a right decision now!Make a right decision now!

Assessing, improving and monitoring anti- fraud programs are the key elements of an effective internal control structure.

Business companies need a consistent approach from qualified anti- fraud professionals who can support them on strengthening internal controls and improving their anti- fraud programs.

Use Fraud Management Consultancy Use Fraud Management Consultancy LtdLtd

Fraud Management Consultancy Limited (FMCL) is a national registered private partnership company which was established on 2014 to provide consultancy services in United Republic of Tanzania.

FMCL posses certified anti- fraud professionals with consistent approach to deliver to its customers an independent, objective and value added service at the affordable cost.

Use Fraud Management Consultancy Use Fraud Management Consultancy Ltd- Cont…Ltd- Cont…

Our professionals have CFE credentials from the Association of Certified Fraud Examiners (ACFE) which is recognized and accepted Worldwide as the standard of professional excellence- Please go to www.acfe.com.

Also, they have extensive experience on performing anti- fraud jobs in Tanzanian Environment- including been acquainted with Tanzanian laws related to fraud, social implications, culture and other challenging circumstances.

Consider our consultancy servicesConsider our consultancy services

FMCL offers anti- fraud consultancy services as following here below:-

1. Assisting business Owners, Directors and/ or Managers on designing, monitoring and improving corporate governance structure for guaranteeing effective and efficient anti- fraud strategies.

2. Conducting quality assurance review on anti- fraud programs.

3. Capacity building training for staffs who perform anti- fraud duties.

Consider our consultancy services- Consider our consultancy services- Cont..Cont..

4. Fraud awareness training for employees.5. Fraud risk assessment.6. Loss prevention and revenue protection

services.7. Corporate investigation services- such as

fraud investigation, Prior- employment due- diligence investigations etc.

““ Let us be part of your business Let us be part of your business solution”solution”

Mr. Allen Mambasa, CFEDirector/ Consultant,Mobile phone: 0655 649966/ 0758964049Allen.mambasa@gmail.com Mr. Vincent ShekibulaDirector/ Consultant,Mobile phone: 0658 460000/ 0764 859551vshekibula@gmail.com