- we expect the “reasonable
Failure to Prevent Fraud: when is it coming into force and what should organisations be doing now?
Failure to prevent fraud: what to do now? Part 3: Tone from the top and training
This is the third article in our series breaking down the steps that organisations will need to take to put in place “reasonable procedures” to prevent fraud. Our previous posts, focusing on how to conduct effective fraud risk assessments and enhance polices and procedures, can be found here and here.
The new UK failure
Failure to prevent fraud: what do I do now? Part 1: Risk assessments
Many companies are currently considering what steps they need to take in relation to the new UK failure to prevent fraud offence (which is expected to come into force later this year or in early 2025).
By way of recap, a company will be liable for failing to prevent fraud by its associated persons (e.g.
Super fraud – APRA releases guidance on prevention and response
On 10 June 2015, the Australian Prudential Regulation Authority (APRA) released the final version of its Superannuation Prudential Practice Guide SPG 223 – Fraud Risk Management (SPG 223) following consultation with industry conducted in October 2014.
As with other prudential practice guides released by APRA, SPG 223 is a non-binding document