Financial Crime World

EirGrid Introduces Enhanced Fraud Prevention and Detection Measures

Dublin-based Energy Provider Takes Proactive Approach to Combat Fraud

Dublin, Ireland - EirGrid, a leading energy provider in Ireland, has launched a comprehensive fraud prevention and detection program to protect its operations and ensure the integrity of its business practices.

Program Aims and Objectives

The initiative aims to identify and mitigate potential fraud risks across all areas of the organization, including employee conduct, procurement, and financial transactions. The program is designed to promote a culture of transparency and accountability among employees, while also providing robust mechanisms for detecting and investigating fraudulent activities.

Key Features of the Program

  • Employee Awareness: All EirGrid employees will receive regular training and awareness campaigns on fraud risks and prevention measures.
  • Risk Assessments: Targeted risk assessments will be conducted to identify potential fraud vulnerabilities in key processes, with corresponding controls put in place to mitigate those risks.
  • Fraud Detection Measures: Automated system audit trails, supervisory reviews of transactions, data analytics, “Right to Audit” clauses in third-party contracts, and internal and external audits will all play a role in detecting fraudulent activities.
  • Investigation Process: The Head of Internal Audit will coordinate the investigation of suspected fraud incidents, with support from other senior management team members as needed.

Consequences of Non-Compliance

Non-compliance with EirGrid’s fraud policy may result in disciplinary action up to and including termination of employment or contract. In addition, legal redress may be sought against individuals found to have engaged in fraudulent activities.

Training and Awareness

  • The Head of Governance, Risk & Compliance will ensure that all employees receive regular training on the fraud policy and are aware of their responsibilities in preventing and detecting fraudulent activities.

Review and Update

The fraud policy will be reviewed annually by the Head of Governance, Risk & Compliance and the Audit & Risk Committee, with approval from the board of directors.

EirGrid’s fraud policy is supported by a range of related policies, including:

  • Employee Code of Conduct
  • Code of Business Conduct for Directors
  • Ethics in Public Office Act Policy
  • Protected Disclosures Policy
  • Group Disclosures of Interests Policy & Procedure
  • Procurement Policy & Procedures
  • Acceptable Usage Policy
  • Expenses Policy (incorporating Travel & Subsistence)

Examples of Fraud

The following are examples of fraudulent activities that may be committed by EirGrid employees or third-party contractors:

  • Over-claiming expenses
  • Unrecorded holiday/sick leave
  • Fabricated receipts
  • Theft of cash/assets
  • Payroll fraud (overtime, ghost employees)
  • Unauthorised use of corporate credit card
  • False CVs
  • Cybercrime (denial of service attacks, sabotage, ransomware)

By introducing this comprehensive fraud prevention and detection program, EirGrid is committed to maintaining the highest standards of integrity and transparency in its business practices.