| BDO Stoy Hayward’s acclaimed FraudTrack report has identified six steps that any business can take to reduce its exposure and thereby improve fraud prevention.
Our forensic accounting team has an enviable track record in helping clients with fraud detection and fraud prevention. We can look at your systems and procedures and identify weak spots; we have experts who will quietly investigate people or specific instances where you have specific concerns.
Fraud prevention is always preferable to fraud detection and almost every organisation could do more to avoid it happening. Take a look at the steps below and ask yourself where your organisation could improve. If you would like help, please get in touch.
Fraud Prevention - the steps you can take now:
- Comprehensive pre-employee screening is a key tool in fraud prevention. This means detailed checks at every level, including suppliers and even customers where appropriate.
- Employee training on fraud policy, procedure and whistle-blowing demonstrates you are vigilant.
- Awareness-raising on the tell-tale signs of fraud with management and staff.
- Identify risk areas and ensure fraud prevention controls are rigorous and multi-layered.
- Ensure monitoring works and will identify odd transactions or unusual processes.
- Have a worst case scenario plan to mitigate losses should it occur
Remember fraud prevention is always more effective than dealing with the consequences of loss - from a financial, public reputation and morale point of view. If you have any doubts, contact a BDO Stoy Hayward professional now. |