AML and Financial Crimes
Considering the negative consequences of a single material fraud incident, including monetary and reputational risk, it is the responsibility of management to assess the risk of fraud within their organization. The most effective way to reduce the financial and reputational impact of fraud on your organization is to prevent it from happening in the first place by implementing and maintaining a robust anti-fraud program.
Bates has created a comprehensive program to prevent and deter fraud within your organization by first assessing the risks within your organization, initially focusing on policies, procedures and internal controls.
Because we know that over 50 percent of frauds are discovered by other employees, Bates will fortify this line of defense by providing advanced fraud awareness training to employees and management.
Bates will also assist in drafting and implementing policies and procedures, such as "tone at the top," hiring and HR procedures and whistleblower guidelines, to help prevent fraud from occurring or minimize potential impact.
Bates creates automated surveillance systems within your organization that will continually monitor key business areas to alert management of potential fraud.
To ensure that the preventative measures we put in place continue to serve your company effectively, we can schedule future compliance reviews and continued education and training in fraud awareness, as well as review and update fraud detection systems as needed to ensure compliance with regulatory rules and regulations.
Bates Group has Forensic Accountants, Certified Fraud Examiners and Risk Management Professionals who have assisted companies ranging from Fortune 50 down to small closely held and not-for-profit businesses in addressing fraud risk and designing and implementing anti-fraud programs and controls, often performed as a supplement to a larger compliance review or at the direction of a regulator.
Examples of Bates Group‘s Capabilities
A hedge fund requested a fraud risk assessment as part of their SOX implementation process. The team of fraud risk specialists met with members of the legal, finance, investment and accounting departments to brainstorm what possible fraud schemes to which the company might be subject. We then ranked the client’s perception of the likelihood and potential impact of these schemes and prepared a “heat map” showing the results of these rankings. The final product was a comprehensive plan, allocating anti-fraud resources to address these threats on a risk-adjusted basis. This enabled the client to use existing resources to gain greater comfort that the fraud risks were being managed effectively.
An insurance company requested an onsite review of a branch office. After conducting a full accounting of all funds, we worked with the client to help establish policies and procedures to ensure branch compliance. In addition, we assisted the client to implement an ongoing monitoring system to look for evidence of transaction in violation of company guidelines.
Bates Group is with you every step of the way. Contact us today for more information on how our End-to-End Solutions can help your firm.Contact Bates Group