Tag: Fraud Risk

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Compliance and AI

Compliance and AI: Jay Rosen on Emerging AI Threats in Corporate Compliance and Cybersecurity

What is the role of Artificial Intelligence in compliance? What about Machine Learning? Are you using ChatGPT?

These questions are but three of the many questions we will explore in this exciting new podcast series, Compliance and AI. Hosted by Tom Fox, the award-winning Voice of Compliance, in this podcast Jay Rosen joins me to discuss AI and fraud risk management.

Jay Rosen delves into the escalating influence of AI in corporate fraud, with historical and modern examples. A recent case from Hong Kong highlights how deepfake technology can be used to deceive employees. The speaker outlines three main AI threats: real-time deepfakes, AI-enabled evasion tactics, and manipulation of AI models.

It outlines strategies for corporations to mitigate these risks, including training on deepfake detection, ensuring secure data access, and implementing dual authorization processes. The goal is to prepare compliance departments for the AI-driven era of corporate crime.

Key Highlights:

  • Introduction to AI and Corporate Fraud
  • The Rise of AI in Cybersecurity and Fraud
  • Emerging AI Risks and Compliance Challenges
  • Key Areas of AI-Enabled Fraud
  • Deep Fake Technology and Corporate Impersonation
  • Mitigating AI Risks in Corporate Environments
  • Strategies for Handling Deepfakes and Model Manipulation

Resources:

Jay Rosen on LinkedIn

Tom Fox

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Compliance Into the Weeds

Compliance into The Weeds: The ACFE 2024 Anti-Fraud Technology Benchmarking Report

The award-winning Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt look at the recent ACFE publication of its 2024 Anti-Fraud Technology Benchmarking Report and what it means for compliance professionals.

The ACFE 2024 Antifraud Technology Benchmarking report unveils an intriguing shift towards the use of AI in antifraud analytics, with a significant 83% of respondents planning to adopt generative AI in the coming years. However, the report also highlights a gap in current practices, with only a quarter of organizations utilizing analytics for corruption and bribery detection. Tom views this report as a crucial tool for understanding the evolving landscape of fraud detection. He emphasizes the importance of staying ahead of technological advancements and the potential risks of not having sophisticated tools for managing fraud investigations.

Similarly, Matt underscores the report’s insights into the challenges faced by antifraud professionals. He stresses the importance of aligning analytical capabilities with manpower resources and the critical role of experienced professionals in managing complex issues like bribery and corruption. Both perspectives highlight the need for a strategic blend of technology and human expertise in the ever-evolving world of compliance and audit.

Key Highlights:

  • Generative AI Integration in Antifraud Analytics
  • Generative AI Impact on Fraud Examination Trends
  • AI’s Role in Fraud Detection and Compliance
  • Detecting Financial Fraud Through Advanced Analytics

Resources:

Matt on Radical Compliance

Tom 

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Compliance Into the Weeds

External Auditors, Fraud Risks and Compliance

The award-winning, Compliance into the Weeds is the only weekly podcast that takes a deep dive into a compliance-related topic, literally going into the weeds to explore a subject. In this episode, we consider the recent statement by Paul Munter, the SEC’s acting chief accountant, who urged auditors to assess fraud risk among their clients better. Highlights include:

  • Why did the SEC raise these points in the first place? What are they trying to tell auditors that they’re doing wrong?
  • Are auditors equipped to be more aggressive in fraud risk assessment and investigation?
  • What should compliance officers think about vis-a-vis the SEC’s statement?
  • What is the role of compliance in anti-fraud?
  • How will this impact compliance audits by external auditors and fraud examiners?

 Resources

Matt in Radical Compliance

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Fraud Eats Strategy

Fraud Eats Strategy Episode 6: Performing a Fraud Risk Assessment and The Unexpected

In this episode, we talk about why this may be exactly the right time to perform a meaningful fraud risk assessment. Fraud risks are like potential explosions. The vulnerability of fraud can lay dormant for years until and unless someone in a position to exploit the control weakness, formulates a rationalization and is off and running. Joining us today is Bruce Dorris CEO and President of Association of Certified Fraud Examiners. The ACFE is a member organization of over 85,000 Certified Fraud Examiners and the world’s largest anti-fraud organization. The ACFE is also a standard setter for anti-fraud and investigative leading industry practices having created many important publications including the Report to the Nations, the Occupational Fraud and Abuse Classification System and the Fraud Risk Management Guide.

Join us each week as we take a deep dive into the various forms of fraud across the world and discuss crime families, penny stock boiler rooms, international money launderers, narco-traffickers, oligarchs, dictators, war lords, kleptocrats and more.

Scott Moritz is a leading authority on white-collar crime, anti-corruption, and in the evaluation, design, remediation, implementation, and administration of corporate compliance programs, codes of conduct. He is also considered an authority in the establishment, training, and oversight of the investigative protocols carried out by financial intelligence, corporate security, and internal audit units.
 

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Compliance and Coronavirus

Jeff Matthews on Fraud Risk During Covid-19


Welcome to the newest addition to the Compliance Podcast Network, Compliance and Coronavirus. In this episode, I visit Jeff Matthews, a partner at StoneTurn. He brings over 20 years of experience in financial investigations, forensic accounting and litigation support. He has served as a financial expert in corruption and white-collar criminal cases, as well as multi-jurisdictional business disputes, testifying in multiple civil and criminal matters at the state and federal levels. His clients include the nation’s top law firms, Fortune 100 legal departments and government investigative agencies.
We discuss how corporate fraud risks have changed during the age of Coronavirus and the economic dislocation, how companies need to update their fraud risk assessments and what fraud examiners should do to help in meeting the new challenges of fraud risk in the age of Coronavirus.
For more information on Jeff Matthews, check out his profile on the StoneTurn website here.
For more information on Matthews book Holding Accountants Accountable, check it out on Amazon.com.