Fraud is still a taboo subject for most companies. We know it exists, statistics show that it is responsible for more than 5% of lost revenue and that every company suffers from it. And yet it is rarely or never discussed.

Sometimes the issue of fraud is dismissed due to the perceived “materiality” of potential losses. But be clear: In today’s workplace, where there are increased demands for transparency, fraud is a reputational and cultural risk for the company.

Fraud in the corporate landscape continues to make headlines, and studies show that both the frequency and impact of fraud continue to grow. However, separating fraud, waste and errors can be misleading. Based on extensive academic research on prevention, detection and the impact of behavior and culture, as well as observations and experiences from corporate internal controls on fraud prevention and detection, our panel will provide some new insights into the causes behind the threat of fraud.

Consider Solutions was delighted to welcome Dr. Devendra Kodwani, Professor of Financial Management and Corporate Governance at the Open University Business School, who shared his expertise from academic research and experience in fraud detection and prevention, particularly with regard to the culture and behavior that encourage, cause and enable fraud.

The panel looked beyond the headlines, beyond the usual internal controls, and addressed why fraud can still be so widespread in a modern society where we have the latest tools and technologies to prevent such incidents.

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