Why International Anti-Fraud Week is a good time to reflect


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The CRI® Group is once again a proud supporter of 2021 International Anti-Fraud Week. Running throughout the week of November 14-20, 2021, International Fraud Awareness Week is a global effort to reduce the influence of fraud by advocating for anti-fraud awareness and education. fraud. According to 2021 ACFE Report to the Nations, the organization continues to lose around 5% of its revenue to fraud every year and currently there are over 3.3 billion people in the global workforce, almost all of whom have access or controlling some of their employer’s money or assets – an amount that contributes to such a loss.

Corresponding to the most recent report from ACFE, other fraud trends have remained constant in recent years:

  • The misappropriation of assets is the most identified pattern
  • Tipping is the biggest exposure process
  • The more unbridled the fraud, the greater the median loss

Here are some of the highlights:

Active participants

CRI® Group participated in conferences to raise awareness among professionals about fraud and corruption; this participation included the PBSA Annual Conference 2021 and the acceptance of Dubai Quality Group (DQG) invitation to perform as associates in the quaternary cycle of The UAE Innovation Award. In addition, our experts have discussed ISO 37001 and other anti-corruption management solutions with a range of industry professionals around the world by inviting them as speakers to our webinars and actively collaborating with them through other means. “The CRI group is made up of experts specializing in diverse specialist fields,” said Anjum. “Our audit team has years of field experience as investigators, compliance officers and legal professionals. “

Continue to educate the masses

With ABAC® in place, we found that business leaders were keen to learn more about bribery prevention and anti-corruption. However, another obstacle remained in our way; the pandemic. 2021 saw CRI® alongside ABAC® continue their efforts to share best practices, demonstrate resources, and discuss the latest technologies to prevent corruption despite the global pandemic which, admittedly, has likely changed the way the world of business works forever. Our webinars are designed with every passing moment in mind so that solutions and advice can be fully personalized for the relevant client. Our webinars to date include:

We started the year with a webinar designed to explore and identify a combination of institutional solutions for managing and monitoring business compliance to prevent bribery and corruption in a modern business. The objective of this webinar was to identify how to protect your organization from global corruption and to critically assess the applicability of several recent legislative guidelines to the proactive mitigation of corruption in business administration across the board. world. Based on the multinational and multi-party corruption cases of Airbus and Rolls-Royce, the webinar looked at the consequences of systemic failure, confirming a paradigm shift in corporate oversight and network risk management. .

We explored what to do in the 48 hours following the discovery of corruption, as well as how to prepare for such a crisis management and finally, how to manage the risks more effectively and minimize the chances of such a situation occurring. produce. The keynote speakers were Zafar Anjum of CRI® Groups / ABAC® and Robert Youill, Executive Director of Key Risk Consulting Asia. They both spoke about the steps you need to take within 48 hours of discovering an act of corruption involving your organization and how to identify gaps in your existing anti-corruption management system.

At CRI®, we like to say why be part of the problem when you can be part of the solution? This webinar covered information regarding corruption, including the consequences of corruption and defenses against corruption, as well as an overview of the regulatory framework, in particular the new corporate liability provision under section 17A. of the Malaysian Anti-Corruption Commission Act 2009 and a comparative study of Section 7 of the UK Bribery Act 2010. This webinar is ideal for organizations wishing to broaden their knowledge and expertise regarding the ISO 37001 management system standard. anti Corruption.

  • What does it mean to be a whistleblower? with MACC Senior Deputy Commissioner and Head of Community Education Division of Private Sector Division (Tuan Haji Mohd Nur Lokman Samingan) and President – Association of ABMS Practitioners Malaysia, Dr KM Loi

Whistleblowing does not only refer to the act of a whistleblower who informs, reports or discloses that someone or the organization is or will be carrying out any illegal activity that could harm the interests of stakeholders. During this time, he also emerged in his core functions and his critical roles in leading today’s modern businesses to apply an effective whistleblower policy within their governance components. The aim was to provide resources and access to organizations around the world on standards and certifications that will help them grow and create an ethical work environment.

Widespread trust is built on a corporate culture of doing the right thing, where every employee contributes because they understand and believe in their importance. Our webinar “Building a culture of compliance and trust through ISO 37301: 2021 CMS” in collaboration with Dubai Quality Group and our sister brand the Anti-Corruption Center of Excellence (ABAC®) highlighted all the essential parts of a corporate compliance program. The goal of this webinar was to be able to provide resources on corporate compliance and due diligence to organizations around the world, which will help them grow and create an ethical work environment.

All of our webinars are designed with our audience in mind and beyond and we aim to educate and equip business leaders of all industries and sizes with the resources we have available.

Increased awareness of fraud

Our content is created to inform and provide important information that might be missed in today’s news cycles – that being said, CRI® Group has produced over 50 educational articles and publications to help educate leaders of business, government officials, professionals and the public on fraud and corruption. Our subject matter experts provide important information, such as why forensic accounting may be important in a fraud investigation, or how risk assessments can be used to better protect your organization.

Fraud methods are constantly evolving, so there is no doubt that our experts remain committed to developing their skills and staying at the forefront of technology to help clients successfully detect and deter fraud in and out of their immediate workspace. . To do this, we have launched a few new educational articles:

Collaboration with the Anti-Corruption Center of Excellence (ABAC®)

At CRI® Group, we have recognized the need for an independent certification body for ISO 37001: Anti-Bribery Management System, which is why we founded the ABAC® Center of excellence in 2016. Our goal was and still is to help organizations around the world to certify anti-corruption, risk management and compliance; we do this largely by providing training and ISO 37001 certification. Our experts help organizations implement effective anti-corruption management programs using widely accepted controls, systems and best practices in accordance with the law local and international. 2021 has allowed CRI® Group to work hand in hand with our sister brand to materialize our missions in both brands and make it a reality that has benefited so many business leaders and staff around the world.

Accreditation of global companies with ISO 37001

The sister brand of the CRI® ABAC® Center of Excellence group has also been incredibly honored to obtain the official accreditation of Emirates International Accreditation Center – EIAC (UAE) to administer training and certification for ISO 37001 ABMS. The year 2021 saw the ABAC® Center of Excellence accrediting organizations such as UDA Holdings Berhad Group (UDA) and Mubadala Oil with the certification which is a success in the direction of achieving a transparent business model. CRI Group Founder and CEO Zafar Anjum said: “The EIAC provides objective evidence that organizations operate at the highest level of ethical, legal and technical standards… This is exactly where the ISO standard fits. 37001 – helping to protect organizations against corruption and money laundering.

Fraud found

Through various customer engagements, CRI® Groups investigation analysts found a large number of red flags indicating possible fraud. How much? The answer may surprise: our agents have discovered more than 700 red flags in 80 countries. The first step in fighting fraud is knowing it exists. The earlier it is discovered, the less damage a fraudulent scheme can cause to an organization.

During International Anti-Fraud Week, think about the statistics at the start of this article… and ask yourself or your colleagues: are we doing everything we can to prevent fraud? Remember, the landscape is constantly changing and fraudsters will do everything possible to use evolving technology and other methods to find vulnerabilities. Plus, the best way to fight fraud is to prevent it in the first place.

The CRI Group is here to help you. Contact us today to learn more about our ABAC training and certification opportunities, our EmploySmart background check process, investigation services and other offerings.

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