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South Africa’s Certified Fraud Examiner (CFE) of the year, Smartryk Calitz, lists ten key subjects discussed at November’s ACFESA conference for companies to address with a CFE in 2024.

“There is a lot more to managing fraud than prevention and detection. Once a fraud is uncovered, the efficacy of your processes and controls come under close scrutiny. This needs to be beyond reproach as the matter can go to court. What may appear to be a clear-cut case can become complex and multidimensional. Beyond the courtroom, you can also lose the confidence of shareholders, funders, clients, key suppliers, and employees.

Further, when a whistleblower alerts you to fraud, it is too late to put a policy and process in place after the event. The whistleblower is at risk there and then.

Carefully considered controls and processes must be in place before a fraud is committed as par t of sound overall governance”.

Ten discussion points with a CFE.

  1. Defining occupational fraud.
  2. Enhancing knowledge and understanding.
  3. Whistleblowing programmes, policies, processes and procedures.
  4. Use of hotlines, and correct repor ting mechanisms.
  5. Fraud risk universe and fraud risk management.
  6. Protected Disclosures Act.
  7. Consequence management processes.
  8. Preventative controls.
  9. Detective controls.
  10. Fraud risk response.

“The ACFE (Association of Certified Fraud Examiners) is a global body and its conferences are held in regions throughout the world. Apart from networking, sharing emerging trends and exploring best practices at conferences, members have easy access to information and insights throughout the year, keeping CFE’s well-equipped to fight fraud”.

Reduce your risk in 2024 by talking to Smartryk about your fraud prevention and fraud management processes in 2024.

Smartryk Calitz
Mubesko Africa
Head of Fraud Examination
smartryk@mubesko.co.za
mubesko.co.za

 

Smartryk Calitz, head of Mubesko Africa’s fraud examination team, was recognised as South Africa’s Certified Fraud Examiner of the Year by the ACFE’s South African chapter.