Beyond financial fraud, prevention of a major incident is always the preferred option and modus operandi instead of a lengthy and burdensome investigation after it happens. Let’s add in all the consequences and time spent afterwards when it may have been avoided in the first place.
Good for Sekhar Ghosh, who cites governance as an essential part of his compliance work, to submit this LinkedIn post on sharing his strong preference to put the time and effort in to preventing a fraud instead of all the effort required if a fraud attempt is successful and ends up requiring an extensive and detailed investigation.
Sekhar Ghosh
Governance, Risk & Compliance (GRC) | Internal Audit | Technology Risk | Enterprise Risk | Third-Party Risk | Information Security Governance | ISO/IEC 27001 Lead Auditor | SAP | SQL
🚨 Fraud doesn’t always start with a major incident—it often begins with a small red flag that’s overlooked.
In today’s digital world, fraudsters are becoming smarter, making it more important than ever for organizations to stay one step ahead.
Strong fraud prevention isn’t just about technology. It’s about combining people, processes, and controls to identify unusual activities before they become serious threats.
A few key elements that make a difference:
✅ Continuous monitoring
✅ Strong internal controls
✅ Employee awareness
✅ Risk-based decision making
✅ Timely escalation
In my experience, prevention is always more effective than investigation.
💭 What do you think is the biggest challenge organizations face in preventing fraud today—technology, processes, or human behavior?
#FraudPrevention #RiskManagement #AML #Compliance #GRC #InternalAudit #FinancialCrime
