Hand Writing [Copy]

Hand Writing [Copy]

Published on 17 March 2023
DB
David Ballah Quoiquoi
David Ballah's Personal Gallery
Transcript
00:01
FinxHub
00:09
Overview of the Fraud Triangle
00:15
The fraud triangle is a model that describes the three key elements that are typically present when fraud occurs.
00:20
The three elements are:
00:21
- Opportunity
00:23
- Rationalization
00:25
- Pressure
00:31
Opportunity: The presence of an opportunity for fraud to occur, such as weak internal controls or the ability to manipulate financial records.
00:37
Rationalization: The individual committing the fraud justifies their actions, often by convincing themselves that they are entitled to the money or that they are just " borrowing" it.
00:49
Pressure: The individual committing the fraud is under some kind of pressure, such as financial hardship or the need to meet performance targets
00:57
Type here
00:57
Conclusion
00:58
These three elements often work together to create a situation where fraud becomes possible and even likely. By understanding the fraud triangle, organizations can take steps to mitigate the risk of fraud by strengthening their internal controls, monitoring for suspicious activity, and promoting a culture of integrity and ethical behavior.