IIARD International Institute of Academic Research and Development

JOURNAL OF LAW AND GLOBAL POLICY (JLGP )

E-ISSN 2579-051X
P-ISSN 2695-2424
VOL. 5 NO. 1 2020
DOI: 10.1111/j.1467-00247

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Financial Fraud Prevention Through Strengthened Corporate Governance: A Discourse

Olawale Bamigboye

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Abstract

Basically, this study is an attempt to discuss and dissect the extent at which financial fraud and other related sharp practices can be prevented through solidification of corporate governance structure in financial transaction in the world over. Thus, this research paper delves into the pivotal role that corporate governance plays in mitigating the occurrence of financial fraud within the realm of institutions. By examining various structures, policies, and practices, the study exposes how robust corporate governance frameworks act as a fundamental line of defense against fraudulent activities. Through comprehensive analysis of case studies, regulations, and sectoral practices, this research highlights the multidimensional impact of effective corporate governance in fostering transparency, accountability, and ethical conduct, thereby strengthening the resilience of organizations against financial fraud. The findings underscore the imperative of continuous enhancement of corporate governance structures to fortify the organization’s integrity and sustain stakeholder trust amidst evolving financial landscapes. The paper recommended adoption of ethical leadership, that will foster a culture at all levels as role models for ethical behavior and accountability; integration of Information Technology (IT) such as Ai, data analytics, and block chain to bolster fraud detection, risk assessment, and transparency; continuous comprehensive Risk Assessment (RA) to identify vulnerabilities; Regular Internal Audits that assesses the effectiveness of internal controls, risk management, and fraud prevention strategies, encouragement of strong Stakeholder Collaboration (SC) for the facilitation of a collective effort against fraud, and among others.

keywords:

Accountability, Corporate Governance, Crime Prevention, Financial Fraud,

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