How Do You Know If You Need To Undergo A Complete Corporate Investigation?
How do you know if you need to undergo a complete corporate investigation?
More Posts from Globalriskinvestigation-blog and Others
It's a scary thought, but thousands of employees across Australia engage in corrupt activities each year. Of these thousands, only a handful are actually caught in the act, often through a corporate investigation by investigation specialists. After intense corruption management, they are usually dismissed immediately from the company. Some employees are fined, while others face jail time. What about the thousands that aren't caught? How does an employee get away with corruption? One of the key things that businesses fail to do is prioritize security auditing. With audits, a business is able to identify the strengths and weaknesses in their current system. Too many weaknesses in a business' system create opportunities for corruption. Let's have a look at potential weaknesses that result in employees getting away with corruption.
Starting, operating and managing a company or organization invariably comes with its own set of business risks. However, if owners and senior managers understand the risks involved and can identify industry risks relating to their particular market sector, a risk management plan can be developed to prepare the business for future unforeseen circumstances.
Is there corruption in your workplace? Here’s what you can do about it!
Six keys to effective risk management
1. It is not just that risk is hard to understand–some risks may be impossible to understand. Your risk management plan has to leave room for the unknown and the unknowable. This is why advice from great traders always includes a reminder to “stay humble” or to avoid hubris. There’s a lot you don’t know in the market, but there’s also a lot you cannot possibly know. And, in markets, what you don’t know certainly can hurt you.
2. Think about the extremes. Understand the most extreme events that have happened in your market, then look backward and out: look at related markets and go back in history. What is most extreme thing that has ever happened, in the entire recorded history of markets, in markets that might be like yours? Once you understand this, realize that more extreme events lie in the future. Ask the questions: What would happen if you had a position on? How bad could it be? Then, assume that your answers, even with a healthy dose of “paranoia” built in, vastly understate the risks.
3. Think about the “middles”: What are the common risks you will face in this market? What happens a few times a year that could be unsettling? How can you prepare for and protect yourself against these events? Many traders only focus on the extreme risks, but a lot of trading accounts die sad deaths from a thousand cuts. Mundane risks add up, and mundane risks can take you out of the game permanently.
4. Your trading strategy is a risk. One of the biggest risks most developing traders face is that they are doing something that simply doesn’t work. To paraphrase Jack Schwager, you can’t make money without having an edge in the market, and if you don’t know what your edge is you don’t have one. How well do you know your strategy and its characteristics, and how sure are you of those numbers? The unexamined life may not be worth living–Socrates was probably right–but the unexamined trading system is certainly not worth trading!
5. You are the biggest risk. Yes, that’s right you. All of your talk of discipline, preparation, planning, all of the hours of screentime, all of the chats with trader friends–all of that isn’t worth much if you are don’t follow through and do the right thing. If you aren’t disciplined every moment of every trading day, you are not a disciplined trader. The market environment is harder than you can imagine, and it will challenge you to the very limits of human endurance. Spend a lot of time thinking about the most critical part of your trading system: you, yourself.
6. Plan for risks outside the market. Everyone, from the institutional scale to the individual trader, will have outside influences challenge their market activities. Institutionally, regulatory changes and developments in market structure can dramatically change the playing field. Your investors will make mistakes–becoming fearful and exuberant at exactly the wrong times. If you’re an individual investor, you will face outside financial stresses, personal issues, health issues, etc. All of these things will have an effect on your trading that is hard to capture in the numbers, but prudent planning will allow you to navigate these challenges.
Six keys to effective risk management was originally published on Adam H Grimes
How best you can use corporate investigations in Australia?
It is prove that corporate investigations are some of most trusted and highly reliable processes usually taken in the good use by the Australian corporate houses for numerous routine purposes and vital operations. It is because, these are vital investigation processes which can be utilized to get the improvement to have higher standard of your corporate operations and bring the reforms to upgrade the efficiency and effectiveness of every activity taken up to achieve the ultimate goal of getting good output and higher productivity.
In the present circumstance, you can get the best protection from majority of risks and threats by taking the good use of corporate investigations in Australia. So only, business organizations preferred using Australia corporate investigation services to have the safe and secured environment and best corporate functions.
The purpose of undertaking risk audits is to try and identify, record, measure, analyze and report the range of risks which may be present in a specific situation. Risk reporting is very specific to any given situation or event. Risk management assessments will differ for an organization can range from quite simple for a planned one-off event, or more complex if a company is trying to assess risks from conducting a series of programs and events which take place over a long period of time.
Different Types Of Security Assessment
Hackers nowadays are becoming more and more sophisticated. They hit you big time and they do it at the most unexpected timing. Every company utilizes the information technology, it makes the task easier and faster, however without maximum security assessment, your company’s operation is at risk. The good thing is that there is something that you can do about it. You can act now before it’s too late. You don’t need to risk your business reputation or even lose confidential information from illegal hackers. This is called the security assessment. This method involves exceptionally talented IT personnel. They are known as ethical hackers. Unlike illegal hackers, these people have licenses. They underwent strict security screening held by an international association. But similar to illegal hackers, they think and perform their tasks like them. By doing so, they can determine the loopholes of your system. They identify the vulnerabilities of your IT system. This will help you strengthen its security to prevent any other penetration from illegal hackers. Types of Security assessment • Security Scanning With this method, your operating system applications and networks will be scanned and verified. With this method the weakness in this part of your system will be inspected.
• Vulnerability scanning With this method, all known vulnerabilities from your system will be scanned. These involve weaknesses that have been discovered, but not the ones that have not been discovered yet. • Risk Assessment Risk assessment is a technique used to analyze and decide the risks based upon the probability of information loss that may occur in your system. This is performed through questioning, discussion and analysis, to come up with a back up plan to exclude all the risks possible. • Penetration testing A penetration test is a type of security assessment wherein the auditor will try to forcibly access your network under investigation. They may use one strategy or combinations of strategies to try and penetrate your system. With this procedure, you will know the loopholes that you’ve kept open. • Ethical Hacking This procedure is the best security testing there is, because an ethical hacker will forcibly hack your system and all other applications using an external element. It involves network penetration test over a wide network. This combines almost all of the above mentioned methods, to help you identify where your system is vulnerable. So that you can construct a back up plan, if your system is hacked as well as develop a new security strategy to avoid any points of attack.
Interesting read on fraud detection!
Machine Learning and Big Data Know it Wasn’t You Who Just Swiped Your Credit Card
by Jungwoo Ryoo, The Conversation
You’re sitting at home minding your own business when you get a call from your credit card’s fraud detection unit asking if you’ve just made a purchase at a department store in your city. It wasn’t you who bought expensive electronics using your credit card – in fact, it’s been in your pocket all afternoon. So how did the bank know to flag this single purchase as most likely fraudulent?
Keep reading
What if fraud is taking place right under your nose?
How can we identify corruption?
Worldwide fraud, bribery, corruption and & whistleblower investigation specialists
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