Security, which involves preventing and fighting fraud, is a topic that continues to be more and more critical in today’s world of ongoing digital transformation. The Association of Certified Fraud Examiners reports that U.S. businesses will lose an average of five percent of their gross revenues to fraud.
Shocking, right? If you are a finance leader you are likely asking yourself and your AP team, “How exposed are we to scams, fraud, and other breaches?”
Responsible for the company’s financial health, the CFO is explicitly involved with any losses caused by fraud. And if (s)he is going to be effective in leading the fight against fraud, they will need to adapt their defenses to face fraud and fraudsters who are better organized, more aggressive, and more technologically proficient than ever.
In a recent article published to the Financial Executives International FEI Daily, explore the three questions that CFOs should be asking and answering, various types of fraud and their respective risks to the organization, and the seven key things you can do to help mitigate, even prevent, breaches, theft, and other bamboozlement.