The Examiner – Insights on Fighting Financial Fraud

Fraud is a risk to every organization and each one addresses it differently. Some choose to ignore it, while others develop programs to mitigate it. For those with programs, formal or informal, the resources dedicated to the fight vary greatly—which consequently creates large variations in their effectiveness.

Have you gotten your flu shot yet? It is that time of year. Sure, your arm will be sore for a few days, but isn’t that upfront pain worth it? The alternative is you might catch the flu, feel horrible, lose weight, miss work, and worst of all, die from its complications. Well, some may argue that losing weight and missing work may be worth the risk. But, if you’ve ever had the flu, I think you’ll agree that it can knock you out of commission for at least a week and the residual effects can last much longer. If you don’t get the shot, there’s still a chance you won’t catch the flu. And, getting the flu shot doesn’t provide a 100% guarantee that you won’t catch it. There are risks either way. The risk of fraud is similar. 

This blog is the second in a four part series How to Solve a Puzzle.

The phrase “think outside the box” is very cliché. We have all heard it and know when we hear it, it’s time to put on our creative hats. However, in this post, I want to focus instead on putting it—the fraud investigation—inside a box. The second step in solving a jigsaw puzzle is putting the perimeter of the puzzle together. The perimeter is important because it gives you a boundary. Plus, it’s an easy way to get started since you only have to worry about connecting two sides of each piece rather than four.

We frequently give and receive feedback. You can thrive from feedback if you are willing to receive it, accept it, and make changes. We all enjoy receiving positive feedback, but constructive (e.g., negative) feedback is tough to receive. However, it has provided the biggest impact on my career growth. As I get older, I become more self-aware of my actions, and self-assessments are a great way for me to be proactive about feedback.

My last two days at the conference were jam packed with learning and forging new relationships. I even attended a Baltimore Orioles game. The Orioles were playing the Philadelphia Phillies and my seat was in the upper deck, but well worth the $10. When I arrived at the game, I hoped to watch the home team win—nothing more, nothing less. I never thought for a second that I would be part of the historic, record-breaking night at Oriole Park at Camden Yard. 

As a young boy, I often explored the woods near my home and daydreamed about embarking on daring adventures. I imagined that I was climbing to the top of Mt. Everest or fighting an invading army. These adventures prepared me for the real world by increasing my self-confidence and encouraging an active imagination.