Organizations typically lose 5% of their revenues, on average, to fraud each year. People are an organization’s best asset in preventing, detecting, and deterring fraud. Industry data shows that anonymous tips are by far the most likely means of detecting fraud. In addition, knowledge that a reporting channel/hotline is in place can help prevent fraud because individuals may fear that it will be discovered and reported.
Independent confidential reporting mechanism not only helps in detection of fraud, but is also a leading corporate governance tool resulting in prevention and deterrence. Many companies have an Ethics Code-of-Conduct or policy. However, it is not backed up by adequate mechanisms to make it an effective tool for detection and prevention of fraud or misconduct. Our services address this gap.
Our professionally developed and managed Corporate Integrity Program for reporting and management of instances of fraud and misconduct reduces risk through proven systems, processes, expertise and global best practices.
|Confidential Reporting Channels||Multi-channel (web, telephone, e-mail etc.) reporting mechanisms allowing for confidential and private stakeholder communications. Customized for each organization.|
|Whistle-blower Services||A mechanism to provide a platform for anonymous complaint-handling including sending information back to the whistle blower. Designed to align with the Corporate Code-of-Conduct or Whistleblower Policy and achieve compliance using industry best practices. Establishing a Corporate Vigil Mechanism.|
|Anti-fraud and Ethics Hotlines||Safe and anonymous telephone based Hotlines, globally accessible. Leading corporate governance tool in detecting and deterring fraud and misconduct. Building whistle-blower trust.|
|Case Management System||Web-based platform to manage reported instances of wrongdoing. Central case repository, case updates, reporter communications, management dashboard with analytics and trending and more.|
|Forensic Investigation Support||Support for forensic investigations via our partners in forensic auditing.|
|Training and Awareness||Preparation of roll-out strategy including conceptualization and development of training and publicity content. Wallet cards, posters and E-mail awareness campaigns. Delivering training to target audience or training the trainers.|
|Sec 177 (9)||
|Sec 177 (10)||
This system is used to submit information directly to the apropriate authhority in the organization.You are ENCOURAGED to identify yourself as this will help in carrying out a prompt and thorough investigation.
ALTERNATIVELY, you do not have to give your name or personal details as the system has been designed to enable anonymity and configured such that your email address/phone number can not be identified or traced.
PLEASE NOTE: Organizations aim to promote a culture in which employees feel able to raise genuine concerns without fear of victimisation, discrimination or disadvantage. Consequently, no action will be taken against an employee who raises a concern in good faith, even if it is found to be unjustified after investigation. HOWEVER, concerns which are found to have been raised maliciously or for personal gain may result in disciplinary action.
The KPMG India Fraud Survey Report 2012 focuses on futuristic fraud and appropriate mitigation strategies. It also contains sector specific findings along with a KPMG in India’s perspective on fraud in some key sectors.
This report has results from survey of economic crime in the Indian manufacturing sector. It shows that one fourth of the companies are impacted by economic crime and the same is on the rise. This is in-line with the rise in instances of fraud globally in the post-recession era. It shows types of fraud, drivers of fraud, profiles of fraudsters, methods of fraud detection and the gap between reality and management perception of fraud.
Details the survey results of Certified Fraud Examiners (CFEs) who were asked to provide specific information on one fraud case he or she had personally investigated. The end result is a comprehensive report that sheds light on occupational fraud and abuse while offering stark lessons and valuable insights about its prevention and detection.
This report on Fraud released by Kroll has a section on India. Key points are -
— Number of companies affected by internal fraud and average revenue lost to fraud in India is much higher than the global average
— Perception of fraud risk is the lowest as compared to actual instances of fraud
Highlights responsibility of IDs for the prevention and detection of fraud. Includes implementing good governance and Giving due cognizance to the whistleblower mechanism.
Integrity Matters is an independent, privately held partnership firm dedicated to promoting good governance through technology solutions. It is headquartered in Mumbai. Our professionals are domain experts in financial, operational and technology risk management with over a decade of individual experience. Our vision is to be a trusted partner for organizations in systemizing governance and compliance.
Yatish is a founding partner at Integrity Matters. He is a graduate of Carnegie Mellon University and Rochester Institute of Technology. He has over 12 years of experience in technology risk management.
Previously, he has been associated in risk consulting roles with Patni, Accenture, Deloitte, EY and TATA Business Support Services. He has served several global clients in BFSI, manufacturing, healthcare, education and energy; both in India and the US. He is a Certified Privacy Professional, Certified in Governance of Enterprise IT and involved with the Data Security Council of India.
Bhumija is a co-founder and partner at Integrity Matters. She has over ten years of experience in information technology consulting. She has a masters in business administration from LBS, New Delhi.
Previously, she has held consulting roles with Ernst & Young and Infosys. She has advised various clients in education, manufacturing, banking, FMCG, and telecommunications sectors. She is an expert in business process solutioning and technology aided enablement, and has managed large client accounts in both India and the US.