Nottingham Business School Business Leaders Podcast
Kathryn Wasteney - Leadership, fraud and the importance of being nosey| Episode 37
Introduction
- Fraud now accounts for 40 per cent of all crime in Britain, making forensic accountancy an increasingly important business.
- Forensic accountants have played a crucial role in exposing hundreds of financial frauds - including the Enron Scandal and Bernie Madoff's Ponzi scheme in America, plus the collapse of British Home Stores and demise of Patisserie Valerie in Britain.
- Kathryn Wasteney is a Director of the Forensic Investigations team at accountancy firm KPMG. She started her career as an auditor, but has spent the last decade in forensic accounting - investigating accounts, identifying risk, and uncovering fraud.
Key takeaways
- Kathryn believes businesses underestimate the power of fraudsters. She says: "People committing these crimes are incredibly intelligent, incredibly well resourced and spend lots of time researching targets. You might think, 'I wouldn't fall for that!' But that's not what we see."
- Confidence is a key skill for forensic investigators, says Kathryn. And a leader has to be able to inspire it in their team. She adds: "Some people have [great] quantities of confidence. For other people, it's there - they just need a bit of a push. That's the job of the leader."
- Kathryn is certain a background in accountancy is good for business leaders. She says: "So many leaders come through accountancy. It gives you a really good skill set. If you want to run a business, what better way of starting [as an accountant] and visiting 20-plus businesses a year to find out how they work?"
- She also believes it's important for leaders to be nosey. "Having an interest outside of your own small world is crucial. For leaders, you have to be able to see what's out there - the wider picture. You've got to be able to see the wood, not just the individual trees."
- Kathryn has a very specific reason for accepting the responsibilities of a directorship. She says: "I wanted to own the conversation - to have the primary relationship with clients. The buck now stops with me. That gives me ownership."
- And as a director, Kathryn believes her role is to create the next generation of leaders. "It's important to have good role models. You can't be what you can't see.... And I get a real sense of achievement from seeing people grow; building their confidence and their abilities."
- Her advice to fellow leaders is simple. "Develop empathy. Appreciate when something is not working... and what you need to do to make it work really well. That's the most important leadership skill. Everything else cascades from that."
Related links
More about Nottingham Business School
