Many smart people fear that the human mind is a universal code held in their safes by the greediest of people, all classes from the politicians who are more prominent or lesser rulers to bankers and corporations. When hearing about Conrad Black, Enron, Kimberly Rogers or WorldCom, one will definitely think of bribery, theft, and fraud. Understanding fraud is vital for those who want to know what Forensic Accounting is all about.
How it comes into the system, how to deal with the specific issues, and to what degree it has helped in some problems, or even in strengthening the accounting system in general. Forensic Accountants who have undergone ISO 37001 training, will provide your organization with a structure for checking, preventing, detecting, reporting, and dealing with any unethical practices that do occur.
Fraud examination continues to develop and more importantly, both at home and abroad in the business environment. With all of the fraud cases in the last decade alone, it has become evident that this is a duty for the independent and diligent aspiring to seek out the truth. These cases of fraud are not only an inconvenience and crime against the firms that are committed against; however, it has impacts on all stakeholders too. It then becomes the responsibility of the fraud examiner to find fairness for everyone.
The fundamental question for all of these fraud examiners is the best way to fight against fraud in a global economic environment. First and foremost, is fighting against corruption as a global priority. Next, one must stop supporting unethical practice and misconduct, businesses must reinforce their defenses against fraud, and proper steps must be directed to reduce risk.
As a result, the risk of unethical business practices and other business corruption probably rises if incompetent due diligence is carried on third-party partners. The scandals linked to a third-party partner can instantly take down a company, resulting in ruined reputation and brand devaluation, to administrative crimes, court proceedings and potential fines and jail terms for managers. Therefore, one should completely protect the corporation’s assets, and this can only be done through a reliable and viable third-party risk management program.
Conclusion
There are some professional organizations out there that have undergone ISO 37001 training and are capable of working with your firm to develop a proactive approach to mitigating the potential risks associated with outside business affiliations. Their approach is centered towards implementing ethical risk assessments, recognizing fraud risks, carrying out intensive due diligence investigations, distinguishing fraud risks, measuring effectiveness and outcomes, examining cases of unethical practice, and advising on continuous growth.
