Written by Toby Bishop, director of the Deloitte Forensic Center for Deloitte Financial Advisory Services LLP, and Frank Hydoski, leader of Deloitte's Analytic and Forensic Technology practice, the book provides a foundation for boards, audit directors and senior executives to help reduce vulnerability and enhance chances of recovery from instances of fraud and corruption. Comments from interviews with key business executives provide global perspectives on the increased threat of fraud and corruption risks and the techniques companies can adopt to help combat them.
"Fraud and corruption have always been a problem facing businesses and organizations, but happily there is growing realization that these crimes undermine trust in government, companies and markets alike. Toby Bishop and Frank Hydoski do not just recognize that problem, but clearly set out ways and means for dealing with it," said Paul A. Volcker, former Federal Reserve chairman and chairman of President Obama's Economic Recovery Advisory Board, in a cover quote for the book.
"In today's global economy, fraud and corruption can more easily set off a chain of events resulting in serious financial and reputational loss. In light of the economic downturn, corporations around the world are experiencing revenue drops and looking for ways to prevent a spike in fraud. Our book is timely in that it directly addresses a concern of executives and boards today. We discuss how a proactive fraud and corruption risk management process can enhance corporate resiliency and how companies can identify fraud and corruption risks and deploy strategies for managing those risks proactively," said Bishop.
"Specific fraud and corruption schemes increasingly depend on computer technology," said Hydoski. "But companies with an interest in developing the quality of resiliency can level the playing field by using continuous monitoring technologies, advanced analytics and enterprise financial management systems to help deter and detect both fraud and corruption, while driving higher standards of compliance, transparency and efficiency."
Designed to help companies adopt a fraud and corruption risk management strategy that can help to reduce vulnerability while increasing the ability to recover if fraud or corruption occurs, the book reveals why resiliency in today's companies is just as crucial as innovation, customer-centricity and competitiveness.
"At a time of rising public demand for good corporate conduct, this book is a welcome resource for those seeking to manage fraud and corruption risks," said Nancy Zucker Boswell, president and CEO of Transparency International USA.
For more information, please visit http://www.deloitte.com/us/corporateresiliency.
About the Authors
Toby J.F. Bishop is the director of the Deloitte Forensic Center for Deloitte Financial Advisory Services in Chicago. A thought leader on fraud prevention and detection, named five times to Accounting Today's Top 100 Most Influential People in the Accounting Profession, he is the former president and CEO of the Association of Certified Fraud Examiners, the global professional body for anti-fraud specialists. He is a graduate of the University of Oxford.
Frank E. Hydoski is the leader of Deloitte's Analytic and Forensic Technology practice. Internationally recognized for his work in complex investigations, he served as chief of forensics for the Independent Inquiry Committee into the United Nations Oil-for-Food Programme and led a key forensic effort in the investigation of Holocaust-era accounts held by Swiss banks. He is a graduate of San Diego State University and obtained his Ph.D. from the University of Chicago.
About the Deloitte Forensic Center
The Deloitte Forensic Center is a think tank aimed at exploring new approaches for mitigating the costs, risks and effects of fraud, corruption and other issues facing the global business community. The Center aims to advance the state of thinking in areas such as fraud and corruption by exploring issues from the perspective of forensic accountants, corporate leaders and other professionals involved in forensic matters. The Deloitte Forensic Center is sponsored by Deloitte Financial Advisory Services LLP.
As used in this document, "Deloitte" means Deloitte Financial Advisory Services LLP and Deloitte Services LP, separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.