I am pleased to welcome to the PHorensically Speaking Podcast to the Compliance Podcast Network! The best practice for dealing with fraud is to prevent it from ever happening. This is PHorensically Speaking, where host Jonathan Marks will help you understand the forensic side of compliance so you can move from detection to prevention in your compliance program.
Episode-Collusion and Conflict of Interest in Compliance
Corruption can take many forms, but its root causes often include a conflict of interest and possibly some type of collusion. In this episode, we’re illustrating these concepts and how they intertwine, and what you can do to proactively make sure your organization is secure. Conflicts of interest can be problematic if not understood and managed appropriately. They increase the risk of bias and poor judgment, and usually never end well. When it comes to fraud risk management, Compliance and Internal Audit need to understand conflicts of interest and address them accordingly. All conflicts of interest must be documented in writing and make sure there is proper monitoring in place, so that your company is proactively dealing with these issues. Some of the key issues are:
a. Where there is collusion, there may also be a conflict of interest
b. Some common conflict of interest schemes
c. Activities that can create a possible conflict of interest
d. Code of Conduct
Episode-Freud and Fraud
a. The Fraud Pentagon consisting of the three original elements of the triangle are Pressure, Opportunity, and Rationalization; and adding Arrogance and Competence.
b. You must get inside the mind of a fraudster
c. What steps can you take now?
Episode-Setting the Right Tone from the top