November 13, 2015 | Written by: Rick Hoehne
Thanks to our friends at CFO Publishing and CFO.com, I recently had the privilege of spending an hour with CFOs on a live webinar discussing The True Cost of Fraud. A replay of that discussion is available for you (at no charge) and I encourage you to invest an hour of your time to hear about the efforts enterprises are undertaking to combat all types of fraud by leveraging advanced analytics in order to achieve improved business outcomes.
Here is what you can expect to takeaway from the webinar:
- A better understanding of fraud and the risk it poses to todays public and private institutions
- A better understanding of the true cost of fraud – including internal costs as well as leakage costs
- An understanding of IBM’s point of view on how to organize and defeat today’s counter fraud adversaries
- Specifics on how some organizations are doing to fight these adversaries
- Potential solutions that can be applied to reduce the leakage of fraud
I shared a broader definition of fraud that includes Financial Crimes (such as money laundering) and multiple forms of improper payments – including waste, abuse and error. I also shared how understanding behavior and relationships are the the keys to identifying, countering, and preventing fraud.
I touched on many industry-specific challenges enterprises are facing as they focus their investments, resources and strategies on their counter-fraud initiatives.
I shared a compelling model that is proven to work in defeating a better equipped adversary…a model whose origins trace back to US Fighter Pilots successfully defeating better equipped adversaries.
And I concluded with a call to action to CFOs because I firmly believe that they are best positioned to elevate this topic to the enterprise-wide agenda, to own the organization’s counter fraud mission, and to successfully tackle this critical effort from an overall business value perspective.
To gain easy access to the CFO.com recorded webinar, The True Cost of Fraud, click here. I also encourage you to listen to another recorded webinar my colleague Mandy Fogle presented this past summer entitled Using Advanced Analytics to Counter Fraud in a Big Data World. I know you will take a good deal away from that complimentary session, as well.
I look forward to hearing your thoughts on the case I make as to why today’s CFO should own the business problem of reducing leakage due to fraud and establish a leadership agenda for the enterprise to address.
And I will be hosting another CFO.com webinar later this month – pre-registration details for the November 19 broadcast can be found here: Plotting Your Course: Operationalizing an Enterprise Approach to Fighting Fraud.