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Corporate Frauds

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IUt Rodez

on 5 April 2016

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Transcript of Corporate Frauds

Corporate Frauds
Why have a fraud policy statement ?
What ?
Why ?
To avoid fraud
Michelin case : Identity Fraud
Fifa Corruption
Use of false documents
Conclusion :
Introduction :
Employee fraud
is an important problem

Association of Certified Fraud Examiners (

Typical organization
loses 7% of its annual revenue
each year due to employee fraud

Average cost of discovered fraud for companies with less than 100 employees is

Evolution of the number of frauds
Procedures to prevent frauds :
=> What are the procedures to prevent frauds ?

Implement Internal Controls
Eg : Michelin

Know your employees

Live the corporate culture

The other procedures :
To secure information systems
Eg : JP Morgan Chase

Implement External Controls
Eg : Worldcom

=> Organise a "stress test"
First Part : Frauds
Different kinds of frauds :
- Asset Misappropriation
- Financial statements frauds
- Corruption
- Cyber-Attacks
- Identity Usurpation
Consequences for companies
It can happen in large or small companies across any industry and geographic location
Make the company policy known to employees
Costs to prevent < Cost to repair
JP MORGAN CHASE : cyberattacks case
Worldcom case : The financial statements frauds
CAZALE Marlene
CESCUTTI Guillaume
JARQUE Nicolas

When ?
Where ?

Elements of fraud policy :
Explicit definition


All appropriate measures

The formal procedures

Notification to the appropriate authorities

Recovery of funds

The steps to be taken
Full transcript