It’s an all-too-common moral of a story: the one we trust the most betrays us. The Association of Certified Fraud Examiners (ACFE) estimates that all organizations lose, on average, about 5% of their revenues to fraud every year. The costs of fraud extend far beyond mere financial losses, though. These additional costs also include possible risk to the organization’s reputation (a vital element in raising funds), and even risk to the personal reputations of board members and executive officers. Further, when occupational fraud is revealed, organizations often feel pressure to keep quiet and avoid scandal to protect their donors and their donations. However, as an organization, executive, or board member, you control your exposure and risks. Your fate is to a great extent in your own hands.
Financial fraud often occurs in organizations due to lack of resources or knowledge necessary to implement appropriate controls. It is an established fact that the presence of anti-fraud controls reduces significantly both the amount and duration of occurrences. This session is designed to provide the participant with a basic understanding of fraud and specifically assist in identifying areas of heightened risk and controls to mitigate those risks.
This session is recommended for all grants management professionals. The experience level is overview. There are no prerequisites for attending, and no advance preparation is required for this session.
Note: All session times are Eastern Daylight Time.