Updated: Jul 5
Let’s face it. Most companies don’t have a well rounded anti-fraud program in place. Generally, they only have strategies to detect and investigate fraud. The direct financial cost is generally a huge factor for management, but without a robust fraud program in place, this can lead to regulatory fines, increased insurance premiums and legal and investigative costs. Combating fraud must cover aspects of the fraud cycle:- fraud deterrence/prevention, fraud detection, and fraud investigation..
Management must do the following:
1) Identify the risks- by educating management and staff to identify risks, so that corrective measures could be taken.
2) Implement effective controls- by segregating duties, implementing physical safeguards and identifying at least one person whom fraud or suspected fraud should be reported to.
3) Implement Whistle Blowing Policy- the faster a business can detect fraud, it can potentially reduce reputational damage to the firm, cause the business less and discourage other whistleblowers from reporting issues to the media.
Call Tactical Private Investigators, so that we can independently investigate any fraud/ suspected fraud at your firm or build an anti-fraud framework for you. #investigationtechnique #internalinvestigation #fraudinvestigation #investigations #riskassessment