When faced with a fraud allegation or suspicious behavior, the decision to investigate is crucial. Launching an investigation becomes necessary when there’s a reasonable factual basis to believe that fraud has occurred, potentially violating laws, regulations or company policies.
Fraud is a very serious matter, but a well-structured and organised fraud risk management policy diminishes your chances of losing an enormous amount of money due to erroneous number-crunching or an inside job.
Small businesses without strong internal controls of money and paperwork are the most vulnerable to employee fraud. Don’t wait for a fraud to occur. It is essential to be proactive and preventative and put processes in place. Below are some tips for small business owners to reduce the risk of loss due to employee fraud. …