Selling clients on fraud prevention: cite these several benefits to persuade clients to assess their fraud prevention programs.
By having in place strong programs and controls that prevent and deter fraud, an organization can realize the following benefits.
* Save 2 percent to 3 percent of revenues normally lost to fraud. According to the 2002 Report to the Nation on Occupational Fraud and Abuse (Association of Certified Fraud Examiners), companies lose 6 percent of revenues to fraud. Fraud prevention can reduce that figure by between 30 percent and 48 percent, thereby saving organizations between 2 percent and 3 percent of revenues. Note that these estimates show only a portion of the true picture because most fraud is never reported.
* Enhance market value. A 2002 McKinsey & Company survey (McKinsey Quarterly, "A premium for good governance," 2002 Number 3) indicated that, by moving from worst to best in corporate governance, companies could see a 10 percent to 12 percent increase in market value.
* Reduce federal penalties. According to the Federal Sentencing Guidelines, there is a 40 percent reduction in penalties for companies using due diligence in implementing programs to detect and prevent violations of law.
* Reduce audit fees. More audit work, as now required under SAS No. 99, generally translates into higher fees. Organizations can reduce audit fees by establishing and managing strong fraud prevention programs...
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