Many businesses understate the importance of fraud deterrence, prevention and detection. Don’t follow them. Prevent and detect fraud in your business by following these 5 tips:
- Establish a fraud risk management programme – include written policies,
- Exposure should be assessed periodically - identify any schemes apparent,
- Select, develop and implement prevention and detection techniques - reduce the impact,
- Establish a reporting process and approach to investigation – let employees know,
- Monitor risk management process and report results and improve process – not one and done exercise, need to be recesses periodically.
All businesses are subject to fraud risks. It can happen in large or small businesses across various industries. Making the company policy known to employees is one of the best ways to deter fraudulent behavior.
The cost of trying to prevent fraud is less expensive to a business than the cost of the fraud that gets committed.
What questions do you have?
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