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Mitigating fraud risk in a COVID-19 world

Paul Greenspan (pgreenspan@bdo.com) is a Managing Director in the Forensic Investigation & Litigation Services practice at BDO in Atlanta, Georgia, USA.

When COVID-19 took the world by storm in early 2020, it brought about unprecedented changes to business operations, including in the areas of corporate compliance and fraud risk. Many commentators at the time noted the pandemic could create the “perfect storm” for fraud due to increased financial pressures on employees and businesses coupled with decreased oversight in remote work environments. The Association of Certified Fraud Examiners conducted a survey in April–May 2020 and reported that 68% of respondents had already seen an uptick in fraud and 93% expected fraud to increase over the coming year.[1] With the pandemic apparently not going away anytime soon, this increased fraud risk is likely to remain elevated for some time. However, there are steps that ethics and compliance professionals can take to mitigate fraud risk.

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