Suppliers are essential to providing companies with what they need to conduct business, however, they also pose their own set of fraud risks, arsing internally form staff – or externally. Staff could pose as legitimate or false suppliers. Even they could divert
Customers are important to the running of your business. They are your source of revenue. Meanwhile they can also pose a significant fraud risk. Most of your customers will come to your company in good faith to make a genuine purchase of
Nearly 20% of business have been defrauded by an employee at some point during their trading history, causing significant loss and in some cases have destroyed a business. It is those on the inside of your company who can often do the
If you are in the beginning stages of building your business, you are surely excited about getting to the point where you can start raising money from (potential) investors. Maybe you are already at this point in your company, and you would
Very few organizations actively audit for Fraud. Rather, their auditors are content to conduct financial, operational and compliance audits and to investigate Fraud only when symptoms are so egregious that fraud is suspected.
The five (5) ways to eliminate Fraud opportunities are: (1) having good internal controls; (2) discouraging collusion between employees and customers or vendors and clearly informing vendors and other outside contacts of your company’s policies against fraud; (3) monitoring employees and providing
Creating a culture of honesty, openness, and assistance includes three (3) factors: (1) hiring honest people and providing fraud awareness training; (2) creating a positive work environment, which means having a well-defined code of conduct, having an open-door policing, not operating on
The Serious Fraud Investigation Office (SFIO), headed by Bas A.S. van Leeuwen (LL.M., Esq.), attorney at law and forensic auditor, is the specialist investigating and litigating unit tackling the top level of serious or complex fraud, bribery and corruption.
Most organizations do not have a comprehensive approach to preventing and deterring Fraud. In fact, most companies don’t think about fraud until they experience one. When fraud occurs, they go into crisis mode, investigate and try to resolve the fraud, and then
People typically become involved in already existing fraud schemes as a result of power that is exercised on them by another individual. The five (5) separate types of power include: reward, coercive, expert, legitimate and referent. It is through either one or