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Fraud Risk Management

The FBI reported to Congress in February 2009 that it had 530 active Corporate Fraud cases and 1800 Mortgage Fraud cases. In April, 2008, the FBI was reportedly working 17,000 white collar cases. The UK’s fraud prevention service CIFAS reports a 69% increase in workplace fraud for the first half of 2009. The global economic downturn has driven up internal fraud and overburdened the resources of law enforcement and corporate security departments.

  • Kenneth E. Yaroch, a former loan officer with Signature Bank ($254 million in assets) of Bad Axe, Mich., reached a plea agreement in U.S. District court after being indicted on 18 counts of bank fraud. He reportedly faces up to 41 months in a federal prison.
  • A junior trader at Societe Generale defrauded the bank of $7
    Billion by circumventing internal controls.  
  • A former mailroom worker at J. P. Morgan Chase & Company pleaded guilty to charges related to the theft of more than $100 million in corporate checks. 
  • The U.S. Attorney’s Office in Chicago issued 24 count Federal Indictments against a 27 year employee at LaSalle Bank Corp and a vendor for allegedly defrauding the bank of $42 million.

In this constantly changing business environment corporate fraud continues to expand and evolve.  Shareholders expect companies to stay one step ahead of fraud while simultaneously increasing operational efficiency.  BCD Associates offers clients innovative industry specific solutions to address fraud risk management with an enterprise-wide approach.

Companies need trusted partners to assist in identify ongoing fraud, mitigate the damage and correct the root causes. BCD Associates combines audit, investigations, IT security and law enforcement professionals in an integrated team to guide your company through the development of a robust anti-fraud program that will result in more effective controls and reduced losses. BCD Associates is uniquely positioned to assess the current control environment and identify deficiencies.  With prior industry experience the team understands budget constraints in the post Sarbanes-Oxley environment and will prioritize solutions that make sense for your organization.