Companies' fraud costs mount

HARARE - Proctor and Associates says fraud has cost the world $3,5 trillion per year while business losses owing to fraud increased by 20 percent over the last 12 months.

The company estimates that 75 percent of companies surveyed experienced at least one incident of fraud in the past year and that 60 percent of corporate fraud is committed by insiders.

In order to curb corruption threats and equip organisations with skills to mitigate ever-growing fraud the local company is set to host its second annual White Collar Crime Summit for Africa this month.

“As a result, there is never been a bigger demand for fraud detection, prevention and forensic investigation skills,” said senior partner, Proctor Nyemba adding  the summit has been designed to equip anyone with cutting edge training and networking resources to effectively handle the ever-growing fraud and corruption threats.

“Renowned specialists will provide expert training and the real lowdown on how to stay ahead of the fraudsters,” he said.

Minister of State in the vice president’s office Sylvester Nguni, president of White Collar Crime 101 FraudaWare Peter Goldman, renowned economist Eric Bloch, chief executive of Zimbabwe Securities Commission Tafadzwa Chinamo, motivational speaker Pascal Nyasha, certified fraudster examiner Romeo Mtsago and democracy and governance specialist Mary-Jane Samkele Ncube are among the keynote speakers expected at the summit.

Broad objectives of the summit include enabling participants to understand the importance of proactive fraud detection prevention, understanding why prevention is better and cheaper than investigation.

“There will be sharing of modern detection tools and techniques to stop fraud fast, understanding how, despite the fact that corruption is a big part of the fraud problem in Africa, equip delegates with skills and techniques to effectively fight fraud, familiarising delegates with options for legal action when fraud has occurred,”

Nyemba said adding that participants will come out equipped with effective and efficient skills for improving internal controls for detection and prevention of fraud.

It is widely expected that delegates attending the summit will come away with their anti-fraud skills sharpened and enhanced as they would have acquired practical techniques and tools to use in the fight against fraud and corruption. Auditors and investigators will, in addition to acquiring new investigative skills and techniques; build contacts with anti-fraud experts from other organisations and countries.
“Corporate executives will benefit from meeting specialists who they can contact in case of ethical situation among other skills,” he said.

The summit will run from October 17 to 19 at Troutbeck Resort in Nyanga.

Proctor and Associates is fraud, internal, risk management and business advisory group. - Kudzai Chawafambira

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