Employees And Fraud Risks - UiTM Masters in Accounting Special Lecture
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The document discusses fraud risks and risk management strategies at CNI Holdings Berhad, a Malaysian MLM company. It describes several fraud cases CNI experienced, including ticket overclaims, undercutting sales leaders, and cash embezzlement. It then outlines CNI's framework for risk mitigation, including defining risks, reducing likelihood and impact, monitoring risks, and conducting fraud investigations. New fraud risks from changes like e-commerce are also discussed. Throughout, lessons learned about preventing fraud through effective culture, policies, and oversight are emphasized.
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Employees And Fraud Risks - UiTM Masters in Accounting Special Lecture
- 1. EMPLOYEES AND FRAUD RISKS CNI’s Journey, Mistakes, and Lessons Learned Kenny Ong CNI Holdings Berhad
- 4. Intro and Background Different Business, Different Frauds
- 6. Intro: CNI
- 8. A. Risk Mitigation in CNI No Business, No Risks.
- 12. Def: “Likelihood” 5% likely to happen, hasn’t occurred within last 5 years 1. Very Low 20% likely to happen, has occurred within last 5 years 2. Low 50% likely to happen, has occurred within last 24 months 3. Medium 75% likely to happen, has occurred within last 12 months 4. High 99% likely to happen, has occurred within last 12 months 5. Very high Definition Likelihood
- 13. Def: “Impact” 0-4K 0-2K 0-5K 0-10K 1. Insignificant 5K-20K 3K-10K 6K-25K 11K-100K 2. Minor 21K-40K 11K-20K 26K-50K 101K-500K 3. Moderate 41K-60K 21K-30K 51K-100K 501K-1M 4. Serious >60K >30K >100K >1.0M 5. Very Serious Sub C Sub C Sub B Sub A Impact
- 17. Examples of Fraud Mitigation Actions: Fraud Risks
- 21. B. Reducing Fraud risk Probabilities Prevent. Deter. Kill.
- 23. Risk Mitigation Strategies Culture Mitigation Identified Fraud Risks Structure Resources Leadership Person
- 29. The Four Desperates 1. Desperate Competition 2. Desperate Consumer 3. Desperate Achievers 4. Desperate Changes
- 42. C. Decreasing the Impact We failed. Now what?
- 49. Investigation: Process 5. Public Disclosure 6. CAR/PAR 4. Management Decision External Legal 2. Investigating Office (I/O) External P.I. 1. Case Tip Off 3. Internal Inquiry Independent Panel
- 51. Crisis Management Plan Logistics & Info Systems Communications Process Owner: [dept. accountable] Policy and Planning After (profiting and learning) During (sound crisis management) Before (readiness for crisis) Crisis: Business Function
- 54. D. Tracking and Reporting
- 57. E. New Fraud Risks We need help.
- 59. eCommerce Frauds Account Takeover Pharming Counterfeit Advances Phishing Application Lost/Stolen Credit Cards eCom Frauds?
- 63. End Points
- 67. Thank You. soft copy of slides: www.totallyunrelatedrandomanddebatable.blogspot.com