In this compelling episode of The Art of Consulting podcast, Stephanie Forbes brings her expertise to the table, discussing the prevalent and often sophisticated issue of corporate fraud and cybersecurity. Throughout the conversation, we navigate the different ways in which fraud can occur within an organization, the impacts it can have, and the steps that can be taken to prevent it. From harrowing stories of payroll fraud to the intricacies of implementing governance models, Stephanie provides actionable insights to secure the financial and informational assets of companies.

Episode Summary:

• [00:00-01:05] Introduction: Hosts recap previous discussions and introduce today’s focus on how funds may be fraudulently siphoned from organizations.

• [01:06-02:41] Stephanie Forbes on Payroll Fraud: Forbes shares insights on payroll vulnerabilities and fraud risks.

• [02:42-03:35] Payroll Fraud Case Study: Example of payroll fraud involving fictitious employees under a single manager.

• [03:36-05:11] Sophisticated Fraud Techniques: Discussion of fraud types, including wire fraud, and their significant impact.

• [05:12-07:20] Cybersecurity Incidents: Forbes recounts a cyber breach resulting in company system loss.

• [07:21-12:47] Cloud System Risks: Exploring cloud access risks and keychain security vulnerabilities.

• [12:48-18:05] Cyberattack Recovery: Strategies for recovery, backup importance, and governance frameworks.

• [18:06-21:16] SMB Cybersecurity Tips: Affordable, effective cybersecurity practices for small to medium businesses.

• [21:17-29:00] Final Tips: Emphasis on advanced authentication and data protection strategies.

• Catch Stephanie next at The P-World Conference in Toronto December 4th.Click here for more info https://thepworld.com/event/the-supply-chain-summit

Episode Highlights:

• [01:06] Money Leak Channels: Forbes agrees with the host on limited money outflow channels and details fraud-prone areas.

• [01:19] Payroll and Procure-to-Pay Systems: Identified as high-risk zones for fraud, with a reference to a 2023 fraud report.

• [02:42] Payroll Fraud Example: Case where one individual received 74 checks, linked to a manager's scheme.

• [03:36] Fraud Complexity: Forbes describes another fraud instance involving last-minute bank account changes.

• [06:21] Cybersecurity Focus: A real-world case where a company lost cloud control due to a cyberattack.

• [07:21] Cloud Security Explained: Forbes clarifies cloud risks, including hackers gaining access to a company’s keychain.

• [12:48] Cyberattack Recovery: Importance of offsite backups and system restoration strategies.

• [18:06] Governance Models: Forbes advocates for governance models covering people, processes, and technology to defend against fraud.

• [21:17] SMB Cybersecurity Advice: Tips on cybersecurity insurance and routine data backups for small and medium businesses.

• [29:01] Final Insights: Forbes calls for barriers between cloud and operational systems and highlights authentication protocol needs.

About Our Guest:
Stephanie Forbes is a seasoned executive with over two decades in business, risk management, and supply chain. Her extensive experience has driven high-profile projects across the energy and construction sectors. As interim vice chair of Supply Chain Canada, Alberta Institute, Forbes actively supports supply chain development, with expertise in governance and supplier lifecycle management.

Where to Find Our Guest Online:

• LinkedIn – Stephanie Forbes: linkedin.com/in/calgaryforbes

Website – The Forbes Group

In this episode of The Art of Consulting podcast, hosts Andy and Cat reunite for a rare “together episode” discussing the nuances and importance of knowledge transfer in the consulting space. As consultants from various fields, they explore the idea of consulting as a temporary yet impactful role, emphasizing the value of effectively transitioning their knowledge to clients and the critical role of documentation and interpersonal skills in a consultant’s success.

• [00:05] Andy and Cat kick off a special co-hosted episode, reflecting on their individual expert interviews and the rarity of their joint episodes these days.

• [00:38] They talk about their intense collaboration periods in the past, contrasting it with their recent individual projects.

• [00:46] Core Topic: The transfer of knowledge. They highlight the paradox of good consultants—working themselves out of a job—while maintaining strong client relationships, with clients often returning for help with new challenges.

• [01:37] They discuss the necessity of identifying a key person within the client's organization for knowledge transfer, ensuring smooth operations post-consultancy.

• [04:36] Discussion on the optimal timing for identifying a successor at the client site, stressing the importance of involving them from the start of the project.

• [06:46] Andy expresses concern about clients deferring knowledge transfer until after go-live, leading to gaps in understanding key project decisions.

• [10:47] The conversation shifts to the importance of moving from people-centric to system-centric operations and the risks of not having redundancy in organizational knowledge.

• [14:48] Andy and Cat discuss transferring not only technical knowledge but also the interpersonal skills and sensitivities critical to successful consulting.

• [16:55] They emphasize the need for user-friendly tools to document technical knowledge and the tact needed to convey information about team dynamics.

• [22:34] They provide an action plan for listeners on how to approach knowledge transfer. They advise identifying primary and secondary successors, choosing a starting point, using effective documentation tools, and considering the human aspect of knowledge transfer.

• [39:20] The episode closes by affirming the value of human relationships in the consulting process.

• [00:05] – Introduction: Andy and Cat discuss the rarity of co-hosting due to their individual interviews with experts.

• [00:38] – Reflection on past episodes and the evolution of their interactions.

• [00:46] – Consultant’s Paradox: Good consultants work to make themselves unnecessary while maintaining client relationships.

• [01:37] – Key Individual for Knowledge Transfer: The importance of identifying a key person within the client's organization.

• [04:36] – Timing of Knowledge Transfer: Optimal timing for selecting the right person for knowledge transfer.

• [06:46] – Continuity Concerns: Issues with waiting until post go-live for knowledge transfer.

• [10:47] – Shift to System-Centric Operations: Importance of having redundancy in organizational knowledge.

• [14:48] – Comprehensive Knowledge Transfer: Technical and soft skills are equally important.

• [16:55] – User-Friendly Documentation Tools: Creating effective documentation for knowledge transfer.

• [22:34] – Action Plan for Listeners: Steps to approach knowledge transfer in consulting.

• [39:20] – Conclusion: The human aspect remains central to consulting work.

Andy and Cat are seasoned consultants with a passion for sharing their insights and experiences. They specialize in guiding organizations and individuals through complex projects, advocating for knowledge transfer to ensure sustained excellence and growth. For listeners looking to enhance their consulting skills or gain insights into the art of knowledge transfer, this episode offers valuable strategies and field anecdotes. Join Andy and Cat as they unravel the complexities and rewards of consulting, where imparting knowledge is essential for success.

In this insightful episode of The Art of Consulting podcast, we're joined by Coach Katie, also known as Katie Weldon, who not only excels as a business mentor and mindset coach but also shines in the real estate world as Katie the Mortgage Lady. With a rich history of bold decisions and transformative life changes, Katie opens up about her journey and the pivotal moments that led her to adopt a life-changing mindset.

00:13 - Introduction: We welcome Coach Katie to the show, discussing her multifaceted career and the courageous choices that have defined her path, from a drastic relocation to powerful personal developments.

00:59 - Life-Altering Decisions: Katie reflects on the significant decisions she's made, including a spontaneous move, medication changes, and notably, her choice to stop drinking—a frequent habit that pervaded her social and professional life.

02:50 - Intuition and Identity: A keynote moment at a Hay House conference triggers Katie's intuition, leading her to a decision that would not only alter her habits but challenge her identity. She narrates the process of facing and embracing her true self without alcohol.

05:34 - The Extrovert's Challenge: Katie discusses the surprising nervousness that comes with being an extrovert and the reliance on alcohol for social courage. She reveals the journey of redefining her social strategies and relationships in the absence of her previous crutch.

09:57 - Intuition's Role in Personal Change: The conversation shifts to the power of intuition, how it guided Katie's life choices, and the importance of acting upon these persistent inner calls for the sake of growth and alignment with one's true self.

15:19 - Dealing with Fear and Change: Katie and the host delve into the natural fear associated with change, the significance of being true to oneself, and the strength required to walk through uncertainty while reshaping one's identity.

22:48 - Acting on Intuitive Messages: We explore how vital it is to acknowledge and act on intuitive messages, recognizing the impact of those decisions on personal well-being and how they can manifest in unexpected and profound ways.

31:58 - Filling the Void with Positivity: Finally, Katie emphasizes the importance of consciously choosing what to fill the void with when removing a habit or element from one's life, ensuring it contributes positively to one's journey towards a fulfilling life.

Episode Highlights:

00:13 - Introduction to Coach Katie Weldon, a business mentor, mindset coach, and also known as Katie the Mortgage Lady in the real estate industry.

00:59 - Katie shares her story of making life-altering decisions, including moving from Massachusetts to Florida, getting off medications, and her significant decision to stop drinking.

05:34 - Discussion on introverts, extroverts, and the surprising shyness extroverts can experience. Katie talks about the role of alcohol in social settings and her journey to navigate social interactions without it.

09:57 - The critical role of intuition in personal change and the importance of listening to those persistent internal messages that guide life choices.

15:19 - How fear and change can challenge one's identity, and the importance of staying true to oneself through the uncertainty of transformative periods.

22:48 - The necessity of acknowledging and acting upon intuitive messages for personal well-being and the profound impact these decisions can have.

31:58 - Katie emphasizes the importance of filling the void with positive actions and choices when removing a habit or element from one's life.

About Our Guest:
Katie Weldon is an entrepreneur combining her talents as a business mentor, mindset coach, and successful figure in the real estate industry. With a history of unabashed decisions leading to personal rediscovery, Katie inspires through her journey and passion for helping others find balance and success in both business and life.

Where to Find Our Guest Online:
For more on Katie Weldon's work and to connect, visit:

Website: www.katieweldon.com
Facebook and Instagram: @Katiesimpsonweldon
Facebook Group: KatieKollective

Welcome to a new episode of the Art of Consulting podcast, where we engage in deep discussions with some of the most knowledgeable and insightful professionals in the business world. Today, we are privileged to welcome Ms. Stephanie Forbes back to the show. Recognized as a national expert in value chain management, Stephanie brings over two decades of experience managing multi-billion dollar projects throughout Canada and the United States. Currently serving as interim vice chair of Supply Chain Canada, Alberta Institute, Stephanie is frequently sought after for her expertise and is known for her impact on the industry through her roles in leading panels, webinars, and podcasts, and as an international speaker. In this episode, Stephanie enlightens us on the complex and pressing issue of procurement fraud in the supply chain space. She shares her wealth of knowledge on the types of fraud organizations might encounter, the effects of such illegal acts, and the crucial steps necessary to prevent them. Prepare for an in-depth look at the importance of governance models, complex problem-solving, and the nuances of fraud prevention within the supply chain.

00:13 Introduction:
We introduce Ms. Stephanie Forbes, a value chain expert with extensive experience in leading significant projects across North America. Her involvement with Supply Chain Canada and her reputation as an international speaker set the tone for our discussion on procurement fraud.

00:56 Stephanie's Vast Experience:
Stephanie's rich background includes the creation of the Supply Chain Excellence Forum and her work with some of the largest organizations in North America. Her passion for complex problem-solving has made her an authoritative voice in the industry.

01:40 The Issue of Fraud in Supply Chains:
We dive into the significant problem of fraud within supply chains, particularly its relation to ERP systems, and Stephanie's encounters with companies that fraudulent activities have victimized.

02:48 What Is Procurement Fraud?:
Stephanie offers a precise definition of procurement fraud and discusses its impact on organizations, providing a foundation for further exploration of the subject.

03:29 Types of Procurement Fraud:
Detailed explanation of various forms of procurement fraud, including employee collusion, bribery, conflicts of interest, bid rigging, and product substitution, shedding light on their intricacies and consequences.

05:29 The Case of Data Manipulation and Fraud:
Stephanie shares a real-life example of data manipulation that led to a $9 million financial loss, emphasizing the need for stringent data management and control measures to prevent such fraud.

14:54 The Role of ERP Systems:
The conversation turns to how Enterprise Resource Planning (ERP) systems can play a crucial role in maintaining compliance data and acting as a deterrent against fraud.

22:43 Lessons Learned from Fraud Cases:
Stephanie emphasizes the importance of being open about instances of fraud, sharing lessons learned, and implementing continuous education and robust auditing processes to mitigate future risks.

31:58 Importance of Training in Fraud Prevention:
The discussion highlights the significance of training staff, sharing information on fraud occurrences, and encouraging a culture of continuous learning to prevent fraudulent activities.

Episode Highlights:

00:13 - Introducing the expertise and contributions of Stephanie Forbes in the supply chain management sector.
05:29 - Insights into the complex world of procurement fraud and the real consequences for organizations.
14:54 - Discussing the preventative measures and governance that can be put in place to combat fraud within companies.
31:58 - The importance of employee education and transparent communication in preventing and addressing fraud.

About Our Guest:
Stephanie Forbes is a seasoned executive adept in business, risk management, and supply chain disciplines. She has driven transformation within teams, projects, and programs in the energy and construction sectors, leaving a lasting impact. Stephanie is dedicated to advancing the supply chain profession, creating value through her speaking engagements, mentorship, and network. Her achievements include implementing best-in-class programs like full life cycle governance and supplier life cycle management. With an eye toward future opportunities, Stephanie is driven to contribute significantly to her industry and the field of supply chain management.

Where to Find Our Guest Online:
LinkedIn - Stephanie Forbes: http://linkedin.com/in/calgaryforbes