"Fraud can become very personal" "Failure to prevent fraud is a missed opportunity for increased profits"

Effective control Regulators and others sometimes overlook the fact that businesses exist to make money and incorrectly see controls and compliance as being ends in themselves. Effective control means recognising the commercial realities while being aware of evolving risks, maintaining a culture of integrity, specifying effective controls in processes and over assets assigning resources and ownership responsibilities, detecting deviations quickly and resolving them effectively. Ideally controls should be commensurate with risks and compliance requirements, but achieving this balance is easier said than done. Both risks and regulatory requirements change over time and thus preventive measures must be dynamic; guided by focused intelligence and supported by reactive controls that quickly detect deviations and resolve them. It is imperative that controls flow through the bloodstream of the organisation and operate at ground level. This starts with the culture or tone from the top and cascades down through policies, procedures, leadership, supervision and day-to-day working practices.