‘Profit & Loss-of-One’

Fraud examination thought leaders are working to innovate anti-fraud processes. In this column, editor Vincent M. Walden, CFE, CPA, in conjunction with other professionals, will report original concepts that help you do your job better. EY Fraud Investigation & Dispute Services (FIDS) and GE executives contributed to this column.* — ed

Fraud examiners and compliance professionals have a great responsibility to develop effective training and communication programs that engage the hearts and minds of business leaders and employees and prevent and deter fraud. However, they face many challenges including a constantly shrinking share of employees’ time plus technology that makes it difficult to: 1) isolate target audiences, 2) deliver messages that are tailored for individual roles and risk profiles and 3) assess the effectiveness of training or delivery of communication. Recently, GE and EY Fraud Investigation & Dispute Services (FIDS) professionals collaborated to address these perennial challenges with a new strategy they’re calling the “P&L-of-One” (Profit & Loss-of-One).

Compliance professionals’ ultimate objective is a world in which employees receive only trainings and communications that are relevant to their roles, at exactly the right time (before they encounter compliance issues that require their attention) and in the right amount.