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Workplace fraud cost Australian organisations over $128 million in 6 months


In a sobering report, KPMG’s Fraud Barometer reveals that for the period April to September 2015, there were 91 fraud incidents – with a value of just over $128 million. The average value per case is $1.4 million.  The report examines major fraud cases (major being over $50,000) brought before Australian courts.Compliance Training I Competition and Consumer Law online digital eLearning

KMPG’s report revealed the following key findings:

  • The most common perpetrators are ‘business insiders’ (management and employees), with frauds attributable to management averaging $3.3m. This is around double those committed by non-management employees. They are closely followed by professional criminals, which includes organised crime at $2.9m
  • Government agencies and investors together were the victims of more than $57m worth of fraud
  • More than half of the fraudsters were aged over 46 years, with frauds committed by men (71%) far more prevalent than those committed by women (26%)
  • Maintaining extravagant lifestyles and gambling are key drivers of frauds, regardless of gender
  • Most frauds relate to misappropriation of assets and abuse of position
  • Cyber-crime is an underlying theme in many of the frauds reported

A copy of the report can downloaded here from KPMG’s website. 

The report serves as a timely reminder for HR practioners of the importance of maintaining a focus on providing compliance training to ensure that all employees are aware of their obligations, and to create an honest, vigilant culture. eCompliance Training offers a range of online and face to face courses to support organisations achieve this.

New fraud and corruption course coming!

In January 2016, eCompliance Training will launch its new fraud and corruption course.  The course covers:

  • What is fraud and corruption?
  • Strategies and actions to manage and prevent fraud and corruption
  • Individual and organisational obligations
  • Overview of the law and legislation as it relates to fraud and corruption in the workplace
  • Impacts of law breaches
  • Reporting fraud and corruption
  • For managers and team leaders – an additional module about their responsibilities as leaders in the workplace

A demonstration of our EEO and Bullying course can accessed here.

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