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Patrick Gitau CFE,CRISC,CERG,GRCP,CFIP,CRICP,CRA, CPMP,CHPC,SRMP,CPP,MBA-Finance (With Merit)
Patrick Gitau CFE,CRISC,CERG,GRCP,CFIP,CRICP,CRA, CPMP,CHPC,SRMP,CPP,MBA-Finance (With Merit)
Governance, Risk Management & Compliance-GRC, MEAL & Anti-Fraud Specialist.
Published Oct 24, 2023
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Informed my professional work experience and result of recent studies, the risk of fraud is a serious concern for all types of organizations- nor organization is immune to fraud, but fraud can be particularly damaging to a nonprofit organization. Generally, Nonprofits are attractive targets for fraudsters due to more than enough trust altitudes by top executives who are passionate their missions. Moreover, Not for profit top leaders including board members may not be proficient in fraud risk governance and in addition, limited resources available to address internal controls making them more vulnerable fraud.
According to the Association of Certified Fraud Examiners' 2020 biennial update to its Report to the Nations
According to the report, the top three reasons why nonprofits fall victim to fraud were lacking internal controls, failing to review and improve existing internal controls, and overriding existing controls (deciding not to follow the rules).
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Therefore effective managing fraud risk in not-for-profit organizations is crucial to safeguard their resources and reputation. It is a prove of accountable and responsible governance and to excusive leadership should take key step that include;
In conclusion, always remember that best approach to managing fraud is prevention. A strong culture of ethics, transparency, and accountability can go a long way in deterring fraudulent activities within a not-for-profit organization.
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