Our ApproachYou are in business to offer a product or service whilst maximising your efficiencies wherever your business may be operating from. You want to make a profit and reduce the risks in your organisation that will cause you pain (financial or otherwise). You want to be able to make an informed decision about the cost-benefit ratio of the risk you are prepared to accept or mitigate. At Exactech, we understand that you are a business and you view business primarily from four aspects, namely:
1. People- You place the right people in the right positions to deliver the results (consistently) that you pay them for.- Say what you like, 80% of your solution in business is employing and managing the right people. 2. Process- You implement certain policies, procedures, protocols, etc that will serve to ensure the service or product you are offering is delivered within your agreed service levels.- These processes create the control environment that enables you to deliver on your brand promise. 3. Data- You require specific information ‘at your fingertips’ so that you know at any given point in time, what the ‘state of play’ is in your business; what is going well; what is not going well; where you need to focus; etc.- This information needs to be accurate, complete, timely and efficiently available. 4. Technology- Long gone are the days where there is no dependence on some form of technology and for your business it is no different.- How you use your technology to maximise your business is key.
The X-FactorWhile you focus on the four pillars of your business – as listed above – at Exactech we look at your business in the same way, but with a layer underneath that we refer to as the nine (9) Fraud Prevention Building Blocks. These building blocks enable us to bring your business and our view of fraud risk together so that we can find that spot where X (the potential or actual fraud exposure) is no longer an unknown threat to the running of your business.This is how we see the different components together... People:Code of EthicsTraining Recruitment Accountability Whistle-blowing mechanism Process:Fraud Risk AssessmentInternal Controls Policies Data:Data AnalyticsTechnology:Data AnalyticsIn 80% of our fraud ‘root-cause analyses’ we find that the 'people' element was the root cause of the fraud. This is not to say that the other three elements are not important - on the contrary - all four business elements are important as are all nine fraud prevention building blocks. People have a direct impact on controls because it's people that override controls or ignore controls, it's people that decide whether to obey policy or not, it's people that decide whether to implement what they learnt in the training workshop or to stick to their old ways. In addition, a hotline requires people to trust it and it requires the latest technology to function properly. Data analytics also requires the most appropriate technology and then you need the right people to run your data analytics (it is a very specialised field) and so forth. All four business elements are inter-related and function at peak efficiency and effectiveness when working together - this can be likened to a spider's web...
We will talk to you from a business perspective, focusing on those cornerstones that make your business work – the People / Process / Data / Technology side. We will not bore or confuse you with terminology on Fraud Risk Management Best Practices. If it’s the (fraud) risk of general risk in your business that you are worried about, talk to us. You talk business – we talk risk. Return from Our Approach to Exactech Home Page |
