Fraud Prevention and Deterrence in Turbulent Times

Venue: Dubai

Location: Dubai, United Arab Emirates

Event Date/Time: Feb 15, 2010 End Date/Time: Feb 16, 2010
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Organizations lose millions and millions of dollars to fraud every year. The global meltdown has not only brought an increased number of fraud cases but has also contributed towards the transition of fraud preventive techniques towards the need for increased level awareness on fraud and its effects. With the uncertainty on how long the recession will continue most organizations are looking for ways to develop strong internal policies to identify and prevent fraud. According to a 2006 study by Association of Certified Fraud Examiners, 25% of internal frauds caused at least US$1 million in losses per incident. Another survey from KPMG's GCC Fraud survey (2008) reported individual losses of some $100 million attributed to financial misappropriation and also the survey indicated that fraud cases were to rise by 60 per cent in 2009.


Additional Information

Despite the attention of regulators and companies' investment in controls, fraud remains one of the most problematic issue for companies around the world. Fraud can never be completely eliminated, but strong internal controls can established to help prevent fraud. While some organization fail to detect fraud, others have fraud reoccurring frequently even after a thorough investigation has been done. Kavaq agrees with the old saying that “preventing losses is far easier than chasing money that has already left the organization”. Prevention is far much better than cure, and most importantly more economical. This workshop will be looking at the emerging trends in fraud and how to implement effective strategies to identify, prevent and eradicate fraud both internally and externally and also steps employers should take to engage in comprehensive, proactive fraud prevention programs.