Risk Management Solutions You Should Be Doing

risk-management

A lot of business owners tend to not have a clue about minimizing the possibility of fraud within their company or organization. That’s too bad, but we’re telling you that it’s time to make a change about that and it can be easy!

You see, by knowing what kind of risks your organization is facing, you’ll have a better chance of mitigating it. It will also give you more chances to increase revenue and reduce losses. Sounds good? Then read along below!

Here’s what you got to do…

First, You Need to Have a Risk Management Plan

A plan helps you keep focused and ensures that you’ll have something to hold yourself to. Studies indicate that a clearly laid out plan increased the possibility of success by a very significant percentage, so get your board together and prepare to talk this out with your team!

Next, You Have to Improve Your Plan

How so? Well, set the tone at the top.

You and your team of managers have the power to set what kind of culture you’ll have in your enterprise. How you act and behave shapes the behaviour and action of your people.

What we mean is, you can’t expect your people to play nicely if you’re a known fraudster, more so if they’ve witnessed you or your managers committing some very questionable things. Lead by example and you’ll see people will follow.

Then, Understand and Use the Fraud Triangle

What? What is this thing?

The Fraud Triangle describes the 3 main factors which has to be present for fraud to occur. Developed by Donald Cressey, it says that there has to be a person who’ll commit the fraud, reason or rationalization for doing so, and opportunities to commit it.

Okay, it’s not anything new, but what we can get from this is most frauds occur because of the availability of opportunity – that’s what we are trying to take out of the equation.

Smash Down the Silos

Independent parts of a company makes it easier to hide things and do things under the table. Break it and you’ll have less opportunities present for fraudsters to trick you.

Incorporate Risk Management in Your Business Processes

Risk management requires frequent and regular visits, just like tending a garden. There has to be checks on HR liabilities and compliance, 3rd party relationships, financial controls, and insurance. This works best when done at every level of your business and is integrated as a part of company culture.

Don’t Forget to Have Management Review of Your Process!

Make sure that there is nearly no oversight by reviewing the risk management process itself on a regular basis. Effective controls are only effective when done right, thereby you have to make sure that the measures you have in place are still appropriate.

And Lastly, Take Care of The Whistleblower

Hey, if someone reported the fraud to you, protect and help that person. Do not let him or her be the fall guy. Let him or her remain anonymous whilst you find out what’s going on or if there really is white-collar fraud being committed under your nose.

Remember, you wouldn’t have known there was anything fishy going on if not for the whistleblower. Make sure that potential and existing whistleblowers are given a safe and healthy way to let you know what’s going on. After all, we’ll need their help in conducting private investigation of the matter at hand.

Want more tips and tricks in identifying organizational fraud and screening new hires? Then follow this blog for the latest tidbits on and tips from the leading private investigator in Toronto! Questions are welcome, all you have to do is contact us and we’ll figure out what to do next.

Background Checks on Potential New Hires

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Making the right hiring decisions is critical to any organization, regardless of size. But getting it right isn’t easy.
We all know the negative consequences of making the wrong hire – it can lower your organizations overall morale, hinder productivity, and even impact customer relations. But did you know that the cost of replacing an experienced worker who doesn’t work out can cost 50 percent or more of that individual’s salary, and these costs go up if the employee has specialized skills.
There are many things you can do to ensure you make informed decisions and hire quality employees and one of them is to conduct thorough background checks.
A pre-employment background check can not only save you money in the long run, it can also protect your business. How? If your employees come into direct contact with your customers (for example, in a care capacity) and it is learned they caused harm to a customer, your business can become liable. A background check can also provide insight into an individual’s behaviour, character, and integrity.

Many Private Investigation Agencies will offer complete background checks while helping you stay compliant with the law. However, like any industry there are the good ones and the ones to be careful of. When sourcing out your background checks to a 3rd party like a Private Investigation Agency always ensure the agency has qualified individuals that can conduct such searches for you. Visit them at their office(s) to get a feel you are dealing with a reputable team. Ask to see their agency licence which should be visibly displayed within their office. Ask to see and confirm they have the proper insurance to conduct the work for you. Make sure if it is a private Investigation agency you are sourcing to that they are licensed as an agency through the Ministry of Safety and Correctional Services. Today many individuals selling the services are just licenced Private Investigators. They need to be working for an agency to sell such services. If you are unsure contact the Ministry of Safety and Correctional Services Private Security and Investigations Services branch @ 1-866-767-7454.

Please Note: It is strongly recommended that you and your team always consult first with a lawyer prior to engaging and conducting background check programs within your respected organizations

Haywood Hunt and Associates Inc. has a team of specialized investigators that can support your organization with conducting a thorough background check. We are a fully licensed bonded and insured Private Investigation Agency. Contact our office to learn more.