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BHL Internal Audit Fraud Examination
July 22, 2015
THE BHL GROUP is taking an international approach to fraud examination.
BHL’s Group Internal Audit Manager Ravichandran Whitehead recently completed the Certified Fraud Examiners (CFE) credential through the Association of Certified Fraud Examiners (ACFE). The ACFE is the world’s largest anti-fraud organisation and the premier provider of anti-fraud training and education. Underscoring the importance of the certification, Mr. Whitehead noted that fraud prevention, detection and mitigation should be high on the agenda of any business.
“Every organisation, regardless of industry, should actively pursue the mitigation of occupational fraud as this type of activity is a direct threat to job security. In the ACFE’s 2014 Report to the Nations, losses from fraud were estimated at 5% of revenue. With such a material impact on profitability, this could mean the difference between a company continuing to operate or ceasing to exist.”
As a member of the Association of Certified Fraud Examiners, Mr. Whitehead also has access to a wide network of fraud professionals who possess a wealth of knowledge on the discipline. This, he notes will be particularly useful as BHL is poised to shortly introduce its “whistle-blowing” hotline in compliance with corporate governance best practice.
As head of BHL’s Internal Audit Department, Mr. Whitehead will also spearhead a series of workshops and training sessions on fraud awareness for employees across the Group.
“These workshops will be used to sensitize everyone as to the “red flags” of fraud and help employees understand why it is in their best interest to report any suspicious activity.”
BHL is the island’s leading beverage conglomerate and is comprised of Banks (Barbados) Breweries Ltd., Barbados Bottling Co. Ltd., Banks Distribution Ltd. and Pine Hill Dairy.