Creating a Prosperous Practice

GUEST BLOGGER

Jacob Parks, J.D., CFE
ACFE Research Specialist

The 2011 Kauffman Index of Entrepreneurial Activity reveals what many people in a job market struggling from a recession are likely familiar with: a decrease in the rate of new businesses that serve as employers and an increase of sole proprietorships. In fact, new sole proprietors are popping up at the fastest rate in 15 years, according to the study.

Many fraud examiners have established or are considering establishing their own practices. I have heard from several ACFE members who started a practice because they enjoy the perks of self-employment, while others felt the move was less voluntary — the result of fewer job openings with established employers.

Whether you are a seasoned self-employer or planning to hang out your own shingle soon, maintaining a steady stream of business is critical to success. In today’s challenging market, many fraud examiners are looking for ways to bolster their own firms’ business by attracting new clients and keeping current ones. A smart marketing campaign that fits your business model is essential to making your practice prosper.

We recently created an online course, Marketing Your Fraud Examination Practice, with the goal of helping you design and implement a marketing strategy. The course shows you how to develop your firm’s brand by directing your specific services to a target audience in an efficient way.

A common assumption is that marketing can be summarized in the purchase of various types of advertisements, but in fact that is only one aspect of the process. The course also outlines a public relations strategy that is designed to develop a strong, positive reputation for fraud examination firms. Additionally, the course includes guidance on one of the most important and least costly forms of marketing: professional networking. Being able to meet the right people, use online media and access the various social and professional organizations within the anti-fraud community can give your firm the edge it needs to thrive.

Skill and a lot of hard work are necessary to start and maintain a successful fraud examination practice. Additionally, marketing your services is essential for your firm to reach its potential.

To find out more information about Marketing Your Fraud Examination Practice, visit ACFE.com. Also, find resources, articles, videos and tips in the Newly Self-Employed section of the Career Center.

ACFE Annual Fraud Conference: Stories from behind the scenes

AUTHOR'S POST

Mandy Moody
ACFE Social Media Specialist

Vindication. The one word to aptly sum up the tumultuous rollercoaster ride for whistleblower and ex-CEO Michael Woodford after hearing news break yesterday that Japanese prosecutors had arrested three of Olympus’ top executives and four of its consultants for a $1.7 billion fraud.

At each twist and turn of the Olympus scandal, I have followed Woodford’s plight and watched anxiously as he has moved from accuser to whistleblower to now, crusader, in a saga that is not even close to being finished. This story, along with many others, will be just a few of the highlights at the 23^rd Annual Fraud Conference & Exhibition in Orlando this June.

Woodford is one of five keynote speakers to address the more than 2,300 anti-fraud professionals at this year’s Conference. Joining him is U.S. Senator Chris Dodd, co-author of the Dodd-Frank Act; Pamela Meyer, CFE, best-selling author of Liespotting; Diana Henriques, The New York Times senior financial writer and author of The Wizard of Lies; and Mark Whitacre, convicted fraudster and subject of “The Informant.”

To add to the keynote roster, the more than 60 breakout sessions spread out over 12 tracks round out a conference offering something for everyone. Here are a few session titles to spark your curiosity:

• Open Source Intelligence (OSINT) Online and Fraud
• Ethics Panel: It May Be Legal, But is it Ethical?
• Online Fraud in the Age of “Wikileaks”
• Putting the Freud in Fraud
• The UK Bribery Act, the FCPA and the Rising Tide of Anti- Corruption
• Developing the Corporate Investigator, the First Year
• Financial Statement Fraud - Chinese Style
• Managing Client Expectations

Ok, I’ve probably already given away too much. We look forward to another exciting Conference and hope to see you in Orlando in June. Stay tuned for more updates in the coming weeks.

Many Cultures, One Purpose

GUEST BLOGGER

Bruce Dorris, J.D., CFE, CPA
ACFE VP and Program Director

Culturally, we are all very different. But for those of us who wake up every morning determined to decrease fraud worldwide, we are all on the same page. At times, I get so caught up in my own surroundings here in Austin that I forget about the vibrant and complex rest of the world happening just a few plane rides away. Recently, though, I was fortunate enough to lead an ACFE training in Asia, and while I was there I couldn’t help but reflect on the phrase we often toss around here: “Fraud truly knows no boundaries.”

In one particular country I visited, I spoke to one of our members working in the banking industry. He told me of a substantial fraud that took place in one of his company’s branches. Apparently, it was common for fraudsters to bring in “authentic” signatures on lending paperwork and for those documents to be accepted by the branch director without question.

What was unnerving to me was the laissez faire attitude about fraud as it related to those involved in the scheme. It was seen as accepted and part of the daily routine of doing business. Despite the adoption and enforcement of anti-fraud legislation around the globe, it is sad that there are still areas in which fraud is an accepted form of behavior. But, at the same time, it made me proud to be part of a 60,000-member worldwide team dedicated to making a change. 

I will be traveling to Asia again next month to help teach our popular CFE Exam Review Course for the first time in Singapore. We are excited to bring this course to the Asia-Pacific area not only to provide training for those seeking to become CFEs, but in a much larger sense, to increase fraud awareness and continue the mission of bringing about a paradigm shift in attitudes towards anti-fraud programs to those who have yet to fully embrace them.

Until next time…