5 Steps to Winning the Big Game

I am not sure if you’ve heard, but there is a huge game this Saturday between the LSU Fighting Tigers and the Alabama Crimson Tide. It is probably the biggest game this weekend. ESPN’s College Game Day will be there to add to the excitement. I know some readers may not care about football, but please know that you will still find this post relevant because it’s really about fighting fraud. 

The following five steps are crucial to winning the fight against fraud:

• Put together the best possible team. This starts with an effective leader to build and coach the team to fight fraud. There should be an identified fraud fighting champion within your organization, and that person should have the authority and personality to engage the team. Now, you are probably wondering who the individuals on the team are. They would be everyone in the organization.
• Plan and prepare for the game. This can be broken down into evaluating your organization’s risks and the types of schemes that can be employed to exploit those risks. Once these are identified, then a group of team members should prioritize the areas of risk. Finally, a plan should be prepared to address the appropriate risk areas and possible schemes. This plan will be made up of a combination of preventative and monitoring controls.
• Execute the plan. This step is probably the hardest of all because it is difficult to get everyone to buy in to the plan. Proper execution requires engagement by team members. It can’t just be about the plan or the training program to implement the plan. It is all about an organization’s culture. Every day is game day for fraud fighters and all team members have to be ready to play.
• Be flexible. Every plan should have an element of flexibility both in the execution and in any periodic changes. The flexibility within the plan should allow time for undefined procedures or testing. The plan should be reassessed and revised periodically to address the changing business environment or to fill holes that may have been identified during execution of the original plan.
• Win or loss – learn from your mistakes and remain humble. We are going to make mistakes because human beings are leading, planning and executing. Also, fraudsters are clever and will find a way around the controls. The main focus should be on having a strong team to protect the organization from a catastrophic event. There isn’t a more humbling experience than believing fraud can’t happen within your organization and then having a longtime, trusted employee admit to stealing lots of money over many years. Believe me, it can happen.

I believe Les Miles and the Tigers are following these steps and will bring home a win. Following these same steps can help you win the fight against fraud.

Geaux Tigers!

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