While no anti-fraud system is infallible, there are steps that can reduce the risk of fraud in your organization. For example:
- Set up “hotlines” and incident reporting systems.
- Hire and promote trustworthy people. Do background checks before hiring, and implement ongoing performance reviews and promotion procedures.
- Adopt anti-fraud internal controls and management review programs.
- Protect computer systems by implementing security and staff access controls.
- Create a positive work environment by implementing a code of conduct and ethics. Institute fraud awareness training programs that communicate expected moral behavior to staff members.
- Have a fraud risk assessment study performed by a forensic accountant.
These are just some of the steps you can take. Contact us to learn more. Preventing fraud in your organization keeps costs down — and might even save you from business failure.