Corporate Resiliency: Managing the Growing Risk of Fraud and Corruption [Hardcover]

Toby J. Bishop (Author), Frank E. Hydoski (Author)

Book Description

ISBN-10: 0470405171 | ISBN-13: 978-0470405178 | Publication Date: May 4, 2009 | Edition: 1

Corporate Resiliency: Managing the Growing Risk of Fraud and Corruption is written for members of boards of directors and audit committees, senior executives, those who advise or report to them, and those responsible for managing fraud and corruption risks. It describes in plain English terms a proactive fraud and corruption risk management process that can enhance corporate resiliency. The authors provide practical insights and highlight traps to avoid. Quotes from their interviews of business executives provide international perspectives regarding changes in fraud and corruption risks and techniques companies are adopting to deal with them.

Editorial Reviews

Review

"Corporate Resiliency is a practical guide for executives to assist in managing the risks of fraud and corruption within their organizations. The book has much to recommend it. It is a very readable and useful guide to the problems and potential risks of fraud and corruption, and there are many clear, practical points of advice given throughtout the book. An insight into how these leading forensic accounting professionals think about these issues is an important resource for the business community." (The International Journal of Accounting, 2010, Volume 45, Issue 3, September)

From the Inside Flap

The twenty-first century global economy brings cheaper sources of supply and huge new markets, but also exposes companies to much greater risks and consequences of fraud and corruption. As a result of greater enforcement around the world, global media attention, and changing attitudes of consumers, fraud and corruption can now cost companies billions and destroy or severely damage their reputation.

Thought leaders Toby Bishop and Frank Hydoski argue that this scenario can make many companies more vulnerable to serious loss. They make a business case for boards and senior executives to adopt a fraud and corruption risk management strategy that can reduce vulnerability while increasing the ability to bounce back if fraud or corruption occurs.

Corporate Resiliency: Managing the Growing Risk of Fraud and Corruption is written for members of boards of directors and audit committees, senior executives, those who advise or report to them, and those responsible for managing fraud and corruption risks. It describes in plain English a proactive fraud and corruption risk management process that can enhance corporate resiliency.

The authors provide practical insights and highlight traps to avoid. Quotes from their interviews of business executives provide international perspectives regarding changes in fraud and corruption risks and techniques companies are adopting to deal with them.

This solutions-centered book discusses:

• Reducing risk management surprises through better fraud and corruption risk assessment approaches
• Using four different risk management strategies for the "Fears, Fires, Fleas, and Flaws" segments of your fraud and corruption risks
• Preventive and detective controls including continuous controls monitoring and transaction monitoring
• Preparing in advance for potential fraud and corruption investigations and remediation
• The roles of different parties in fraud and corruption risk management-including yours
• A corporate resiliency self-assessment tool you can use to assess your company

In the twenty-first century global economy, companies need to be more than smart and fast. They also need to be resilient. Corporate Resiliency shows you steps your company can take toward resiliency by identifying your fraud and corruption risks and deploying strategies for managing those risks proactively.

See all Editorial Reviews

Product Details

• Hardcover: 240 pages
• Publisher: Wiley; 1 edition (May 4, 2009)
• Language: English
• ISBN-10: 0470405171
• ISBN-13: 978-0470405178
• Product Dimensions: 9.1 x 6.4 x 1.1 inches
• Shipping Weight: 14.4 ounces (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #308,202 in Books (See Top 100 in Books)
  • #73 in Books > Business & Investing > Industries & Professions > Insurance > Risk Management

More About the Author

Toby Bishop is the director of the Deloitte Forensic Center for Deloitte Financial Advisory Services LLP. He is a contributing author and member of the board of editors of Business Crimes Bulletin. He has been named five times in Accounting Today's Top 100 Most Influential People in the Accounting Profession.

Toby co-authored with Frank Hydoski the Harvard Business Review article "Mapping Your Fraud Risks" (Oct. 2009). He also co-authored the guidance documents "Management Antifraud Programs and Controls: Guidance to Help Prevent, Deter, and Detect Fraud" as well as "Management Override: The Achilles' Heel of Fraud Prevention - The Audit Committee and Oversight of Financial Reporting," and the joint IIA/AICPA/ACFE guidance paper "Managing the Business Risk of Fraud: a practical guide."

Toby is the former president and chief executive officer of the Association of Certified Fraud Examiners (CFEs), the global professional association of nearly 50,000 antifraud professionals in 125 countries.

A native of England, Toby is a graduate of the University of Oxford. He is a CPA licensed in Illinois and Massachusetts, a CFE (Certified Fraud Examiner), and a fellow of the Institute of Chartered Accountants in England & Wales (FCA). He and his family live in Chicago.

Customer Reviews

Most Helpful Customer Reviews

7 of 7 people found the following review helpful:

5.0 out of 5 stars The Best in the Business Provide Excellent Insight and Advice, June 16, 2009

By 

Tracy Coenen (Milwaukee, WI and Chicago, IL) - See all my reviews

This review is from: Corporate Resiliency: Managing the Growing Risk of Fraud and Corruption (Hardcover)

Corporate Resiliency is not just another book on the mechanics of detecting and preventing fraud in corporations. Toby Bishop and Frank Hydoski are two of the most recognizable leaders in the anti-fraud world, and professionals worldwide should not pass up this chance to hear their in-depth thoughts on he subject of faud.

The book begins with some in-your-face reality about the growth of fraud around the world. The truth is that companies are using old fraud detection and prevention methodologies to deal with new and different fraud risks. This disconnect has helped fuel the growth of fraud.

Sadly, companies aren't doing nearly enough to prevent fraud, but this book aims to change that with strategies to become resilient. The key to resiliency is that it will minimize the impact of fraud to the company.

The authors walk the reader through the process of fraud risk assessment. Have you heard it all before? Not like this, you haven't. Many of the books on fraud prevention suggest that management assess the company's risk, but provide very few details. Corporate Resiliency lays out the steps, the approach to take to risk assessment, and the output from the process. Each of the five steps are illustrated beautifully with suggestions on ways to identify risks and the types of controls that may mitigate these risks.

Corporate Resiliency continues with some of the most basic and most effective anti-fraud controls that companies can utilize. These strategies are centered around the idea that a "control environment" (an atmosphere in which integrity is promoted and dishonesty is met with action) is a major key to reducing fraud. This chapter walks management through over 20 strategies, most of which can be low-cost to the organization implementing them. These strategies again are framed in the context of the real world so that management can actually put them to work, rather than just digest a theoretical list of anti-fraud controls.

The book then goes on to discuss more specific strategies to target, reduce, and detect fraud and corruption. Some of the basics of fraud investigation are covered as well, alerting management on important points like assembling a team, preserving evidence, and getting more value from the investigation. The book closes with a discussion of the roles of management in the fight against fraud, as well as some thoughts on where the fraud problem is headed.

Overall, this book provides far more detail on fraud risk management than any other book I've seen to date. It incorporates the theoretical with real-world strategies for building anti-fraud controls in your corporation.

This book can be useful to managers with varying levels of experience with fraud. For those new to the topic, the book is an easy read that will help you get your feet wet and make you aware of the current issues. For managers who have had significant experience with fraud, you will likely be drawn in by the specific strategies offered to help reduce and detect fraud.

Congratulations to Toby and Frank for writing an engaging and thorough book on fraud for corporate management. I'll be recommending this book to colleagues and clients alike, and hope to see more from you in the future.

And one final note about how good this book is... I can't wait to reference and incorporate some of this material into my next book on fraud.

5 of 6 people found the following review helpful:

5.0 out of 5 stars Well Done...Great Information, August 10, 2009

By 

R. A. Riley (Morgantown, West Virginia United States) - See all my reviews
(REAL NAME)   

This review is from: Corporate Resiliency: Managing the Growing Risk of Fraud and Corruption (Hardcover)

Corporate Resiliency by authors Bishop and Hydoski is very well done. The book is easy to read and provides a wealth of information, especially for those who are navigating the anti-fraud environment for the first time. Managers, executives, board and audit committee members as well as experienced internal and external auditors will find the information and suggestions helpful and practical. As an experienced professional working in the field, I identified new ideas and unique ways of looking at the world. Like it or not, anti-fraud efforts are here to stay and many are saddled with this responsibility for the first time. Thought leaders Toby bishop and Frank Hydoski deserve credit for attacking the issues head-on in a thoughtful manner. I would highly recommend this book.