The Fraud Triangle Service Approach
Our philosophy and approach is built on the belief that a solution, which combines the knowledge and expertise of the forensic specialist with that of the organisation’s staff is, in most circumstances, the preferred solution. Skills transfer is accordingly a major focus of The Fraud Triangle Forensics. Our size ensures personal service and our network of partners provides access to all forensic solutions.
Reactive Fraud Investigation Services
Investigation Project Management
Due to the high cost of Forensic Services, organisations regularly rely on internal staff to investigate financial misconduct in their organisations. In these instances, staff assigned to investigate the allegations of misconduct are often at a disadvantage because, although they have intimate knowledge of the business, they lack the knowledge and skills required to ensure that all relevant evidence is secured. Inadequate investigations increase the risk of loss to the organisation and do not act as a deterrent. The Fraud Triangle will project manage investigations undertaken by staff of the organisation to ensure the best possible result. Apart from the cost saving, the major benefit derived from this is approach is a transfer of skills, ultimately empowering staff to run investigations effectively.
Fraud Response Support
The manner in which organisations respond to reports of fraud or corruption, has a significant effect on the final outcome of the matter. Management either underestimates the threat, which leads to a loss of evidence and profit, or overreacts, which leads to dissatisfied and demotivated staff. The Fraud Triangle will assess the merits of reported frauds and advise on the most effective response.
Fraud Investigation Services
Where organisations do not have the necessary capacity to conduct investigations internally; we will conduct investigations on the client’s behalf. We have experience in investigating fraud and corruption in both the Public and Private sectors.
Fraud Prevention and Detection Services
Fraud Prevention Capability Review
With the increased pressure to focus on Corporate Governance it is incumbent on organisations, not only to have a Fraud Prevention Strategy, but also to ensure that it is effective and will achieve the desired outcomes. The Fraud Triangle will assess your Fraud Prevention and Detection capability and provide advice on practical measures that should be implemented to ensure that the Fraud Prevention Strategy complies with current international best practise.
Development of Fraud Prevention Plans
The Fraud Triangle will work with you to design a fraud prevention plan that is best suited to your organisation. The plan will include, not only consideration of the 7 fundamental elements of effective fraud prevention plans, but also the organisation’s capacity to implement and comply with the plan.
Fraud Risk Assessments
Understanding where the risk of loss, as result of fraud or corruption, is highest and reducing that risk is the first step in preventing fraud. Protecting the organisation requires the identification of the gaps in controls that will allow a fraud to be perpetrated and go undetected. We will review of the processes and procedures within your organisation in order to identify these gaps and provide recommendations on reducing the risk of fraud.
Fraud Ethics Policy
Sending a clear message to staff about organisation’s attitude toward fraud the conduct expected of staff is the cornerstone of creating an ethical culture within an organisation. We will, through interactive sessions with staff and management, develop and roll out a Fraud Ethics Policy which is suited to the organisation.
Fraud Training
Staff who are knowledgeable about fraud and the manner in which it is perpetrated are more able to identify and combat it. Knowledge leads to the early detection of fraud and consequently, reduces the risk of loss to the organisation. We develop and present fraud training workshops that are designed to equip staff to better understand the nature of fraud and its warning signs. Workshops can range from 1-hour sessions to 3-day interactive training workshops, depending on the clients needs.
Whistle Blowing Channels
In the absence of a reliable and well publicised reporting channel staff are reluctant to report suspected instances of fraud. Our experience has shown that, in almost all cases, staff within the organisation were aware of the fraud long before management became aware of the problem. We assist organisations by assessing the efficacy of their fraud reporting channel and make recommendations on the necessary improvements to the facility. Where no fraud reporting mechanism exists, we will provide recommendations regarding the most appropriate course of action.
Forensic Data Analysis
Most organisations maintain databases of information relevant to the day-to-day running of their business. These databases are goldmines of information which, if correctly analysed, can provide the organisation with indicators of potential fraud or corruption occurring within the organisation. The Fraud Triangle has developed relationships with specialists in the field of forensic data analysis and, in partnership with these firms, is able to analyse the organisation’s data with the specific intention of identifying these indicators
Fraud Response Plans
The manner in which an organisation responds to reports of fraud has an impact, not only on the extent of the potential loss that the organisation may suffer, but also the outcome of related disciplinary, criminal or civil action. The Fraud Triangle will draft a Fraud Response Plan designed to ensure that the organisation’s response to reports of fraud is effective and reduces the risk of loss.
Labour Services
Disciplinary Hearing – Case Assessment
Commencing disciplinary hearings when the available evidence is not able to sustain the charge is a waste of time and money and directly opposes efforts to prevent and deter fraud, corruption and misconduct within the organisation. The Fraud Triangle assists organisations by assessing the relevance and strength of any evidence collected in support of charges; taking into account the Code of Conduct, Policies and Procedures and other documents which make up the disciplinary framework of the organisation. We provide advice on the collection of supplementary evidence, which may be required in support of the charges and will assist with the drafting of charge sheets.
Prosecution of Disciplinary matters
Cases involving fraud and corruption can be complex and the presentation of related evidence sometimes requires the skill of a legally trained expert. Where, due to the complexity of the matter or a lack of internal capacity, the organisation does not have access to the appropriate person to prosecute at a disciplinary hearing; The Fraud Triangle will provide this service