The Summit Companies Join Movement to Shine a Spotlight on Fraud

BRISTOL, Tenn. - Nov. 3, 2015 - PRLog -- Fraud costs organizations worldwide an estimated 5 percent of their annual revenues, according to a study conducted by the Association of Certified Fraud Examiners (ACFE). If applied to the 2014 estimated Gross World Product, this translates to a potential projected global fraud loss of approximately $3.9 trillion.

The seriousness of the global fraud problem is why The Summit Companies announced that it will be participating in International Fraud Awareness Week, Nov. 15-21, 2015, as an official supporter to promote anti-fraud awareness and education. The movement, known commonly as Fraud Week, champions the need to proactively fight fraud and help safeguard business and investments from the growing fraud problem.

Summit joins hundreds of organizations who have partnered with the ACFE, the world's largest anti-fraud organization and premier provider of anti-fraud training and education, for the yearly Fraud Week campaign.

During Fraud Week, official supporters will engage in various activities, including: hosting fraud awareness training for employees and/or the community, conducting employee surveys to assess levels of fraud awareness within their organization, posting articles on company websites and in newsletters, and teaming with local media to highlight the problem of fraud.

The Summit Companies are partnering with Workforce Solutions and Northeast State to provide fraud awareness training during Fraud Week.  Summit’s own Michelle Brashears will be the seminar instructor.  This training seminar is designed to equip attendees with practical solutions to prevent and detect fraud.  A recent study showed that organizations that provide fraud training for managers, executives, and other employees have approximately 40% lower fraud losses than those without training.

All employees of the organization should attend the Employee Fraud Awareness Training breakfast seminar on Tuesday, November 17, 8:00 AM – 10:00 AM, at the Kingsport Center for Higher Education.  For details and registration, visit http://www.northeaststate.edu/Subpage.aspx?id=979 or call (423) 354-5520.

“Fraud prevention and detection is something every company needs to be doing proactively, but they might not realize they need it until it’s too late,” said Summit Accounting Consultant, Michelle Brashears, CFE.  “That’s why we’re offering a seminar to empower employees of all types of organizations to learn how to recognize the warning signs of fraud.”

ACFE President and CEO James D. Ratley, CFE, said that the support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.

“The latest statistics tell us that fraud isn’t going away, and companies that don’t have protective measures in place stand to lose the most,” Ratley said. “That’s why it is reassuring to me to see so many businesses, agencies, universities and other organizations involved in the Fraud Week movement. The first step in combating fraud is raising awareness worldwide that it is a serious problem that requires a proactive approach toward preventing it.”

“Since our first Fraud Week more than 10 years ago, the movement continues to grow,” Ratley said. “I heartily thank all of the supporters of Fraud Week for making it what it is today.”

For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit FraudWeek.com.

The 2014 Report to the Nations is available for download online at the ACFE’s website: ACFE.com/RTTN.  The Report is in PDF format.

About The Summit Companies

The Summit Companies is a business consulting organization based in Bristol, Tennessee, that brings together professionals and resources that provide strategic planning and guidance to help businesses reach their goals and realize their vision. For more information, visit www.thesummitweb.com.

About the Association of Certified Fraud Examiners

Based in Austin, Texas, the ACFE is the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Together with more than 75,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession. For more information, visit ACFE.com (http://www.acfe.com/).