Middle East Region, 20th November, 2012: The member firm of Protiviti, a global consulting firm, launched the AMANA Whistle Blowing Hotline mechanism for the Middle East region, as it observed the "International Fraud Awareness Week" from 11th - 17th November.
"The Association of Certified Fraud Examiners ("ACFE") in their 2012 Report to the United Nations, estimates that a typical organization loses 5% of its revenue to fraud each year. Applied to the 2011 Gross World Product, this figure translates to a potential projected annual fraud loss of more than US$3.5 trillion" says Simon Padgett, Director of Forensic Services at Protiviti Member Firm.
"Fraud can strike any organization at any time. Many organizations react to the reported frauds by initiating investigations and subsequently only correcting those weaknesses that led to the fraud. This reactive approach to managing fraud incidents is not sufficient in today's dynamic world. In order to properly manage fraud risk, it is important that all Fraud Scenarios are identified, assessed and necessary controls are instituted to prevent frauds from happening. Mature organizations not only take pro-active Fraud Risk Management Programs, they also put in place a well structured incident management program to handle fraud incidents."
The "AMANA Whistle Blowing Hotline mechanism" launched by Protiviti Member Firm is to reinstate its commitment towards eradicating this serious international problem. People have information and need a communication channel. A Whistle Blowing channel, consisting of a telephone channel, email and internet based reporting allows employees or anyone who suspects a wrongdoing to report the information anonymously and at no cost. Whistle Blowing, if implemented correctly is a fundamental part of any anti-fraud program and is a proven way of reducing fraud risk" said Mr. Padgett.
Mr. Sanjeev Agarwal, Chief Operating Officer, Protiviti Member Firm shared, "To show its support and alert organizations against the possible damages caused by fraud, Protiviti observed the International Fraud Awareness Week in the Middle East last week. Organizations are increasingly being crippled by all kinds of fraud related to procurement, payroll, tender, revenue leakages and cyber threats causing some serious and irreversible consequence in the long run. Protiviti subject matter experts have been helping organizations to safeguard their interests by taking proactive measures rather than reactive. Launch of a Whistle Blowing mechanism is Protiviti's latest offering to its clients and the industry for evaluating and improvising their Anti - Fraud programs.
Protiviti Member Firm for the Middle East region is a leader in providing Fraud Risk Management, Investigation and Forensic Services. It has been assisting a number of its clients in Banking, Telecom, Oil, Construction and Real Estate Sectors in assessing their Anti- Fraud Programs and control mechanisms and suggesting effective ways in managing them.
About Protiviti Member Firm (Middle East Region)
Protiviti Member Firm for the Middle East Region is a leading provider of fraud risk management, investigation, forensic, internal audit, consulting, risk, technology and transaction services. It is a member firm of Protiviti, Inc. (www.protiviti.com), a global consulting firm that helps companies solve problems in finance, operations, technology, litigation, governance, risk, compliance and internal controls. Through its network of more than 70 offices in over 20 countries, Protiviti has served more than 35% of FORTUNE® 1000 and Global 500 companies. The firm also works with smaller, growing companies, including those looking to go public, as well as with government agencies. The Middle East Member Firm has a strong presence in the GCC region with offices in Abu Dhabi and Dubai (UAE), Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.
Protiviti is a wholly owned subsidiary of Robert Half International Inc. Founded in 1948, Robert Half International is a member of the S&P 500 index.
For further information contact:
Ahmed Dajani
Senior Account Executive
Action Global Communications
Tel: +971 50 782 7575
Ahmed.d@actionprgroup.com
© Press Release 2012
