Risk, Red Flags and Detecting Fraud for SMEs & SMPs

Content

Fraud is the most commonly experienced crime in the UK, accounting for over 40% and remains a pervasive threat in today's business landscape, with its prevalence on the rise. This presentation delves into the core factors driving the increase and explores the implications for businesses and SMEs in particular. 

It will examine why people break the rules, whether it be employees or suppliers, shedding light on their motivations and the circumstances and behaviours that lead to fraud. Understanding these underlying reasons is crucial for identifying potential red flags and implementing effective prevention strategies where controls, checks and balances have been proven to be inadequate. 

Accountants play a pivotal role as watchdogs in detecting and deterring fraud, and Arun will reveal the extent to which accountants need to assess director supplied information and discuss the tools at their disposal to ensure accuracy and integrity in financial reporting. In the event fraud is suspected, swift and decisive action is essential. We will cover appropriate reactions and the range of options available to businesses, including legal remedies and internal controls. 

Finally, the presentation will outline best practices for fraud prevention, offering practical insights and strategies to reduce the risks by adopting a proactive approach and staying vigilant to emerging threats.

Duration

1 hour (1 non-verifiable CPD unit)

Speaker

Arun Chauhan

Arun is a lawyer specialising in disputes and compliance issues arising from fraud and financial crime. In 2016 he founded disruptive law firm Tenet, the only niche law firm in its field outside of London. Tenet covers the spectrum of preventative action in the form of training, ethics, governance and policy advice to case investigation and guidance on recovery of loss from financial fraud. The award winning firm has been recognised for its innovation in legal services and won Boutique Law Firm of the Year at The Legal Business Awards 2022 and was awarded the Reisman Award for excellence in client services in the prestigious Clio legal awards in the United States in 2023.  

An experienced solicitor for over 20 years, Arun is a Trustee Director for the Fraud Advisory Panel, a member of the Commercial Fraud Lawyers Association and a fellow of the International Compliance Association. Arun is a fraud specialist with a commercial mind and calm nature. He is a regular speaker and trainer on counter fraud issues as well as an expert for the BBC providing advice to consumers on fraud risks, featuring on programmes such as Watchdog, Panorama, Rip Off Britain and BBC Radio.

In 2023 Arun was recommended as Transformational Leader in the Business Desk Leadership awards and is a recognised thought leader and spokesman in his field and been featured on LBC radio, BBC News and BBC Breakfast and in publications such as The Times and The Telegraph. He has also provided evidence to a House of Lords Select Committee about the effectiveness of prosecution for fraud offences and the impact of digital fraud risk.