Nicola Fowler (third from left) with BBBF Executive Committee
Corporate fraud focus for Bahrain forum
Manama, January 29, 2013
Corporate fraud was the focus of the Bahrain British Business Forum (BBBF) monthly luncheon held recently at the Crowne Plaza Hotel in Manama.
Nicola Fowler, corporate investigations consultant with Control Risks, a leading independent global risk consultancy, was the keynote speaker at the event.
Fowler highlighted how fraud occurs through what is referred to as the ‘fraud triangle’, which consists of Opportunity, Incentive, and Rationale. She went on to explain how these risk factors can be mitigated through special anti-fraud training and awareness, clear policies and framework, and exemplary leadership from senior executives.
“While the focus must be first and foremost on fraud prevention, companies must always be prepared for worst case scenarios,” Fowler said. “Having clear prevention, detection, and response measures in place are essential when tackling this very serious and sensitive issue.”
She also noted some interesting statistics which show that typical corporate fraud perpetrators tend to be males (80 per cent), hold college degrees or higher (36 per cent), are aged from 41 to 45 (20 per cent), and have been in their current role from one to five years (41 per cent).
The BBBF is a growing network of businessmen and women in Bahrain, which now has over 460 members. The forum aims to promote trade and investment between Bahrain and Britain by offering opportunities for networking and knowledge sharing between the two business communities. – TradeArabia News Service