The fight against fraud and corruption is an essential part of compliance management. Violations and misdemeanors not only have a very negative impact on the reputation of the organizations concerned, but can also result in substantial fines if discovered.
But what exactly should companies do to combat fraud and corruption?
- Why prevention is so important in the fight against fraud and corruption
- What are the main tasks prevention should cover
- How we support you in the fight against fraud and corruption
Why prevention is so important in the fight against fraud and corruption
Offences and misdemeanours that do not even occur are the ideal of fraud and prevention. Institutions and companies are therefore increasingly investing in "prevention" rather than reactive measures - the aim is to avoid misconduct instead of downstream cause analysis and damage limitation. IT-supported processes and controls, detailed process instructions and policies are an essential basis for such measures. At the same time, the innovative strength of fraudsters in prevention forces them to take both holistic and case-specific measures and precautions.
Which main tasks prevention should include
Our experience has shown that there are two central tasks as a basis for the preventive fight against fraud and corruption:
- forensics: To prevent future cases of fraud and corruption, it is important to understand past criminal activities. To this end, they are systematically investigated and analysed.
- data analysis: The collection of all relevant data in a single database is one of the most important steps in the preparation for a comprehensive data analysis. With the help of data analysis, database anomalies, process patterns and irregularities can be detected.
However, the successful accomplishment of these tasks requires more than just good will. An essential step for an efficient and sustainable management is the establishment of an Investigation Office.
How we support you in the fight against fraud and corruption
With our experience in fraud and corruption prevention and our RegTech core competence, we enable our customers to set preventive measures and standards. Learning from the past, predictive solutions and the use of external data sources help our customers to prevent damage in advance.
Project references
Our experience comes from different projects and with different customers (extract):
Healthcare - Investigation Project
Project support in cooperation with authorities including recording, verification, and documentation of business transactions through data acquisition and analysis
Banking industry - special examination
Project and investigation support for a BaFin special audit for the compliance function according to §35 of the German Securities Trading Act (WpHG) including coordination of the external auditor, project management and audit-proof documentation
Banking industry - Investigation project
Support in investigations in connection with a cease-and-desist order of the FRBNY, including the establishment of an investigation office and coordination of supervision
Banking industry - Fraud detection / processes
Definition of investigation processes and corresponding business requirements for the implementation of a case management system including implementation of a concept and process for cross-departmental reporting on fraud risks
Our experts for the topic fight against fraud and corruption
Dr. Heiko Mauterer
Senior Partner
Master of Engineering and Business Administration
Master of Engineering and Business Administration
In consulting creating benefit for a customer is considered to be a given. In practice, this is not necessarily the case. At least according to Dr. Heiko Mauterer's experience in several management positions in banking. Creating true value is a key concept for him, that determines his thinking as well as his work with his clients. If applicable, all benefit aspects - in his eyes - are to be quantified and made measurable. And that's also not self-evident.
Heiko Mauterer has outstanding experience in financial services and focuses on regulatory management, Human Resources, digitization, operations and project management.
Daniel Lovric
Partner
Diplom Business Data Processing Specialist
Diplom Business Data Processing Specialist
Customers expect today far more than project management and methodological skills from their consultant imposing modified and additional requirements on a consultant's role. Expert skills and transformational competences combined with industry experience and the mandatory overall view are capabilities Daniel Lovric actively contributes to his consulting work with great enthusiasm. These are the decisive prerequisites for a true added value and ultimately for the client's bottom-line results.
Daniel Lovric has extensive experience in the financial services sector and focuses strongly on regulatory management, including regulatory framework, regulatory IT management, risk reporting, predictive risk management and fraud detection (RegTech).
Dr. Heiko Mauterer
Senior Partner
Master of Engineering and Business Administration
Master of Engineering and Business Administration
In consulting creating benefit for a customer is considered to be a given. In practice, this is not necessarily the case. At least according to Dr. Heiko Mauterer's experience in several management positions in banking. Creating true value is a key concept for him, that determines his thinking as well as his work with his clients. If applicable, all benefit aspects - in his eyes - are to be quantified and made measurable. And that's also not self-evident.
Heiko Mauterer has outstanding experience in financial services and focuses on regulatory management, Human Resources, digitization, operations and project management.
Daniel Lovric
Partner
Diplom Business Data Processing Specialist
Diplom Business Data Processing Specialist
Customers expect today far more than project management and methodological skills from their consultant imposing modified and additional requirements on a consultant's role. Expert skills and transformational competences combined with industry experience and the mandatory overall view are capabilities Daniel Lovric actively contributes to his consulting work with great enthusiasm. These are the decisive prerequisites for a true added value and ultimately for the client's bottom-line results.
Daniel Lovric has extensive experience in the financial services sector and focuses strongly on regulatory management, including regulatory framework, regulatory IT management, risk reporting, predictive risk management and fraud detection (RegTech).
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