Fraud and Corruption Deterrence: Part 1(C)

December 30, 2016

What is the resilience of an entity in preventing, deterring, and detecting fraud and corruption? 

Part 1(C) Fraud and Corruption Deterrence in a For-Profit Organization

Corruption is an illegal and immoral act of serious existential consequences on organizations. Whatever the cost of fraud and corruption deterrence mechanisms organizations use, it would be less costly than what they would suffer from the ramifications of uncovered and publicized case(s) of fraud and corruption. Fraud and corruption deterrence aims to:

1.    Set the proper tone at the top

2.    Increase the likelihood of detecting corrupt acts

3.    Heighten perpetrator's costs

Read more when you log in. CACM members can access this series when they log in to the membership portal or click here.

We will start rolling over the CACM via exam in selected countries and regions. CACM candidates of these countries will find the CACM Review material helpful. 

Happy Holidays

UNITED AGAINST CORRUPTION

September 9, 2016

The AACI and the world celebrate today the "International Anti-Corruption Day 9 December." Each one makes a difference in fighting corruption. The U.N. provides examples of what you can do.

Each sector should make a difference in fighting corruption. What we do at The AACI overlaps with several of those of what the U.N. proposes. For example, we launched innovative academic initiatives to engage the youth in understanding what corruption is and how to fight it. We also offer a spectrum of anti-corruption training programs to educate the public about the government's responsibility to be corruption-free and raise awareness with the public, media and government about the costs of corruption for essential services such as health and education.

Political leaders, governments, civil society, and private sector should join the international anti-corruption efforts in theory and practice. Unfortunately, there are too many countries that do not fight corruption in methodical, strategic, and disciplined manner; combating corrupt practices and bribery in these countries are merely political slogans and political management tools. It does worth to mention that corruption costs and damages support terrorism indirectly, undermine the rule of law, provide for social instability, and lead to nation failure.

The international community should no longer support corrupt regimes financially or politically and should not let corrupt officials escape with a country's misappropriated funds anymore.

P.S. The U.S. Secretary-General's Message for 2016

Fraud and Corruption Prevention: Part 1(B)

December 2, 2016

What is the resilience of an entity in preventing, deterring, and detecting fraud and corruption? Part 1(B): Fraud and Corruption Prevention is now available for members.

CACM members can access this series when they log in to the membership portal or click here.

We will start rolling over the CACM via exam in selected countries and regions. CACM candidates of these countries will find the CACM Review material helpful. 

Kazakhstan Presents New Model to Train Prosecutors

Rector of Law Enforcement Academy Ulan Baizhanov. Photo credit: tengrinews.kz

November 30, 2016

Two years long anti-corruption training model will be introduced at the Law Enforcement Academy in Kazakhstan in 2017. The preliminary available public information of the program is appealing. This presumed determination to implement such a systematic training process for prosecutors and anti-corruption services staff is encouraging. It also provides an excellent signal towards the effectiveness and efficiently in fighting corruption. 

What matters is the ultimate results. Success or failure of this new anti-corruption training model depends on too many factors that are, understandably, far beyond the Academy's control. Therefore, we believe the Academy should develop measurable objectives for this program to judge its progress, setbacks, and failures. 

We sincerely believe that prosecutors in too many developed and developing countries need anti-corruption knowledge and skills. We hope that other nations follow suit and take into consideration their respective unique socioeconomic and cultural factors.

Disclosure: The AACI does not have any business or nonbusiness ties with the Law Enforcement Academy.

The AACI Resources Series

November 30, 2016

The technical staff launched The AACI Resources Series as an integral part of developing the CACM Review text material.

The first of this resources series is a paper titled: What is the resilience of an entity in preventing, deterring, and detecting fraud and corruption? Part 1(a): Fraud and Corruption Prevention.

CACM members can access this series when they log in to the membership portal or click here.

We will start rolling over the CACM via exam in selected countries and regions. CACM candidates of these countries will find the CACM Review material helpful. 

Unauthorized Wells Fargo Accounts Scandal

March 21, 2016
Wells Fargo Chair and CEO John Stumpf appeared before the Senate Banking Committee to discuss his company’s settlement with federal officials in which Wells Fargo agreed to pay $185 million in fines over alleged fraudulent accounts opened without customers' permission. Senators questioned Mr. Stumpf about the corporate behavior and practices related to over 2 million unauthorized accounts, and which led to the termination of over 5,000 Wells Fargo employees nationwide. Following Mr. Stumpf, regulators, including Consumer Financial Protection Bureau Director Richard Cordray, answered questions about their investigations into Wells Fargo, and what they recommended to not only address wrongdoing within that company, but prevent future abusive practices across the financial services industry.    
   Elizabeth Warren

"This just isn't right. A cashier who steals a handful of $20s is held accountable, but Wall Street executives who almost never hold themselves accountable, not now and not in 2008 when they crushed the worldwide economy. The only way that Wall Street will change, is if executives face jail time when they preside over massive frauds."

Elizabeth Warren

"We need tough, new laws to hold corporate executives personally accountable and we need tough prosecutors who have the courage to go after people at the top. Until then, it will be business as usual. And at giant banks like Wells Fargo, that seems to be cheating as many customers, investors and employees as they possibly can. ' Thank You, Mr. Chair."

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