This is Greg's fifth appearance with Ron and Ed. Some of them incognito. (We'll let you try to figure which is which.) The topics are not scripted, but we assure you jocularity will ensue.
Use these show notes to follow along with the audio:
Segment one
Once a year, we host Greg Kyte on the show. In his words, Greg is the annual subscription guest of The Soul of Enterprise. If you don’t know him, you might recognize his voice from our commercials.
Two years ago, Greg started “Oh My Fraud” - a podcast with Caleb Newquist. Never heard of it? Not likely but just in case here is the link https://ohmyfraud.com/
What has Greg learned from doing the podcast “Oh My Fraud”? He could become a fantastic embezzler of funds if only he didn’t have a conscious!
The biggest overarching theme Greg sees from preparing for the “Oh My Fraud” podcast is a lack of internal controls that customers have
Segment two
Oh….great term that I’ve never heard called the Fraud Triangle. Greg dropped the term today to refer to the things you need for fraud to flourish: opportunity, pressure, and rationalization
What’s the one thing that drives most fraud to be uncovered? The person committing the fraud gets JUUUUUUUUUST a touch too greedy and then gets busted.
The retail industry, for example, does calculations on how much money should be spent on deterring shoplifting. The answer might surprise you because they are not looking to control 100% of the shoplifting incidents.
According to the ACFE Occupational Fraud 2022: A Report to the Nations, organizations lose approximately five percent of revenue to fraud each year with the average loss per case totaling more than $1.78 million https://www.acfeinsights.com/acfe-insights/tag/report+to+the+nations
Segment three
Greg and Caleb did episode 30 of Oh My Fraud about Fat Leonard. A man who basically bribed the entire 7th fleet of the United States Navy. Link is here: https://ohmyfraud.com/episodes/e30
Episode 32 of the “Oh My Fraud” podcast blew Ron Baker’s mind. It’s called “the Lawyer who sues the big 4 for missing fraud and wins” https://ohmyfraud.com/episodes/steven-thomas-the-lawyer-who-sues-the-big-4-for-missing-fraud-and-wins
“Santa uses the subscription model” —Greg Kyte
“You can’t go to the market with a common offering because you will command a common price.” —Ron Baker
Segment four
Is it possible to create a concierge comedy service? A subscription service for a comedy club? If you own a comedy club, you could have an annual pass to the club. Greg knows of ZERO comedy clubs actually doing this.
“If comedy clubs banded together and subscribed to a pool of comedians they could draw on, that would be interesting.” —Ron Baker
A big THANK YOU to Greg Kyte for joining us today. Folks, you have to check out his podcast with Caleb Newquist, Oh My Fraud, at this link https://ohmyfraud.com/
Bonus Content is Available As Well
Did you know that each week after our live show, Ron and Ed take to the microphone for a bonus show? Typically, this bonus show is an extension of the live show topic (sometimes even with the same guest) and a few other pieces of news, current events, or things that have caught our attention.
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