ECAS promotes Fraud Awareness Week
Did you know that fraud costs companies and institutions worldwide an estimated 5 percent of their annual revenues, and management may not even be aware of it?
Considered a “white collar” crime, fraud is defined as illegal or dishonest activity undertaken to give an advantage to the perpetrator. Fraud can include anything from false claims designed to gain insurance or benefit payouts to embezzlement of funds.
In recognition of International Fraud Awareness Week, Nov. 6 through 12, UC’s Office of Ethics, Compliance and Audit Services (ECAS) is sponsoring several events to promote fraud education and awareness of potential fraud risks.
At this week’s First Friday breakfast in the Franklin Lobby, Nov. 4, beginning at 8 a.m., the campaign will kick off with an information table hosted by ECAS staff. Please plan to stop by and meet members of the team.
The Association of Certified Fraud Examiners recommends that organizations set up hotlines so that employees can anonymously report suspected fraud without fear of reprisal.
UC has done just that: employees may report their concerns by calling 1-800-403-4744 to speak with a hotline representative or online at universityofcalifornia.edu/hotline. (Simply click on “Office of the President” in the right-hand column list of UC campus locations.)
Given that employee education is the key to preventing and detecting fraud, ECAS is sponsoring a series of fraud awareness webinars over the next several weeks as part of its Compliance and Audit Education series:
- Monday, Nov. 7, 10 to 11 am: Know Thy Enemy: Fraud, presented by Toffee Jeturian, assistant director of the Office of Audit and Advisory Services, UC Riverside
- Wednesday, Dec. 7, 10 to 11 am: presentation by Timothy Hedley, forensic partner at audit, tax and advisory firm KPMG
- Wednesday, Dec. 14, 10 to 11 am: Developing an Integrated Approach to Prevent, Detect, and Respond to Fraud and Misconduct Risks at UC, presented by Wanda Lynn Riley, director, and Jaime Jue, associate director of Audit and Advisory Services, UC Berkeley
For more information, please contact Tim Mulshine at email@example.com.