Using Fraud Investigations as an ERM Tool
Jay T. Simmons, Chairman
Board Advisory Services
External fraud, as an industry, is dramatically increasing in both public and private companies. Within the past two years, some 45% of companies worldwide have fallen victim to economic crime, representing a loss of $80 billion per year. As a result, understanding and predicting fraud is a critical element of any Enterprise Risk Management (ERM) program. In this presentation, Jay Simmons discusses how to leverage the insights learned from fraud experiences and make them an integral component of ERM strategies deployed within enterprise. Mr. Simmons reviews the current regulatory landscape, discusses trends in best-in-class practices for investigation, and identifies ways in which fraud investigation results can be utilized to ensure compliance and create institutional knowledge in risk, audit and compliance programs.