Could Your Company Be a Victim to Anti-Corruption Compliance Program Tunnel Vision?

corruption-investigations

These days, companies from all types of industries are coming up with their own anti-corruption compliance programs; but how do we know when an anti-corruption compliance program actually works as it is supposed to?

Your company’s anti-corruption compliance program can be overly complex, can somewhat be needing some more work, or perhaps it is just the right balance; one thing is for sure though, success can’t be guaranteed by having an effective program alone.

How so?

Fraudsters will find a way to circumvent an effective program and will do everything to avoid detection – to the point of paying bribes. This is where embracing an anti-corruption compliance program comes into play, but then, it is also vulnerable to a host of problems.

One such problem is when the leaders of the organization develops tunnel vision and thus relies so heavily on the program that they forget all about continued risk mitigation and exercising vigilance. When this happens, the organization is left vulnerable to fraudulent activities.

So what are the red flags that your organization may be suffering from tunnel vision as far as an anti-corruption compliance program is concerned? We’ve got that covered below:

Lack of Follow Through by Senior Leadership and CEO

Just having a program isn’t enough when the leadership does not understand how the program is supposed to work and what it takes to make it work. The absence of senior management commitment and ownership will render the program ineffective.

Business Managers Have Not Embraced Compliance

The best way to gauge a company’s commitment to compliance (on everything, and not just anti-corruption) is to see if the business managers are doing their part in ensuring compliance with anti-corruption laws and policies. This is especially true in sales. Business managers who do not monitor employee activities and don’t care to remind everyone of the policies are basically not taking any accountability for whatever happens with the program.

Disconnection Between Financial Controls and Anti-Corruption Compliance

Any potential unauthorized usage of funds should be monitored by CCOs, managers, and financial officers. Failing to do so by not having proper coordination of the anti-corruption compliance and financial controls can result to corrupt actions such as the company officials bribing government employees to gain favours or special treatment. Simply put, inadequate connection between financial controls and anti-corruption compliance can mean giving access to some funds to be used for bribery.

Lacking Due Diligence Process

If the due diligence program is not as it is supposed to be, it will be ignoring mitigation strategies and careful risk-based analyses. For instance, if the employees have no understanding of red flags and other possible signs of corruption, then there is no way they can report if they witness it occurring in the organization.

Having a Program for Reimbursement and Hospitality Expense

There is no real problem with simply having a reimbursement and hospitality expense program IF it requires pre-approval, has annual limits, and collects data of all interactions and meetings with recipients. Lacking these things can mean serious bribery risks.

Want to be on top of fraud prevention and detection in your organization? Then you might need the services of the top Private Investigators in Toronto! Contact us and find out more about how we can help you!

Alerts VS Alarms in Fraud Detection and Loss Prevention

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Most companies we’ve spoken to wanted to have some sort of an alarm system that would let them know when their fraud control measures have detected fraudulent activity. Although that sounds great, we often tell clients that what they would truly want are alerts and not alarms.

But why?

Here’s our thoughts on this: When it comes to loss prevention, you would want to catch any possible activity that amounts to a loss before the actual loss happens. Sure, catching something after the fact is great as well, but why wait for an actual loss to happen before acting on it?

Alert VS. Alarms

On our previous blogs about fraud prevention and detection, we’ve talked about how the nature of fraud and how it is an ever-present risk for any organization big and small. Try as we all can, there is no 100% guarantee that any organization can become fully fraud-free. That is a fact.

So what we can do about this?

What we can do is to minimize possible loses from fraud by detecting it as early as possible through various measures. There’s data analytics for fraud control, frequent and aptly designed internal audit practices, having whistle-blower programs, and many more. Question is, which ones are better? Should you go for measures that alert you of possible fraud or measures that sets the alarm bells of fraud ringing?

Why You Need Alerts

We are not talking of setting anything that will make your employees fear of being suspected of fraud if they are to do anything that would trigger an alert. This is far from that. We’re just saying that there is more value (and more money) saved by going for fraud control measures that triggers an alert rather than an alarm.

Why so?

As we’ve said earlier, preventing loss due to fraud is a lot easier and cheaper than trying to recover loss after fraud has already occurred. But this isn’t just about that as well. There is more to going for alerts rather than alarms and the results are quite surprising!

Do you know that by going for actions that alert you of fraud, you will save up on company resources? There are also studies that suggests an increase in personnel performance after these measures has been set in place. Whoa! What? This is because alerts are not only a means to control loss but are also a means to measure performance; and hence can encourage personnel to be better at what they do.

Here are 5 specific alert features that have been found to improve employee performance

  • Store security visits
  • Statistical snapshot
  • Mystery shops
  • Short-form key performance indicators
  • Employee relations

The 5 alert features above may work or not depending on your organization type, but for the most part, they are time-efficient, cheap to use (and analyze), and can be tweaked according to your business-type. What’s more is that they can be built into a simple computer file to help you with organizing everything. This way, you can be more pro-active with protecting your company as well as gathering data about it for future use. Remember, the key to the best loss prevention practices is all about getting valuable information as quick as possible. That’s what alerts are for!

Need some help in starting a fraud-alert program? Then contact the best private investigators in Toronto! One of the services we offer is all about effective fraud prevention and detection. Talk to us and let us help you kick fraud to the curb!

 

 

The Hard Truths about Managing Fraud

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Organizational fraud is everywhere, and it is costing businesses trillions of dollars in annual loses. As we’ve mentioned before, fraud can and does occur at all levels and at all types of organizations. Fraudsters are everywhere! They occupy all rungs of the organization ladder and are always finding ways to steal from their organization to enrich themselves. Why would you place your organization at a financial peril when there are ways that you can minimize or dismiss fraud?

The Backgrounder on Fraud

For every fraudster there is, there is an underlying need, a rationale, and an opportunity. Situations such as financial pressures, addictions, or family troubles can turn even the most trustworthy individuals into conniving thieves. It is just human nature and everyone is susceptible to it. Question is, will you let yourself fall victim to this?

Managing Fraud

Though it is true that fraud exists in every nook and cranny of all organizations, there is no need to see fraud prevention as an exercise in futility. Fraud, just like any other not-so-palatable things in this world is manageable (yes, just like any other risks!) and how you approach it will determine whether you’ll fall victim to it or be a victor.

But how?

It truly is all about risk management!

When you know the sources of the risks, what you stand to lose with those risks, and the what tactics you can use to minimize those risks, you’ll be in good hands, especially if you do the following actions:

Identify Fraud Opportunities

Fraudsters will tend to go for the biggest opportunities for committing fraud. This means that employees involved in financial operations and the like have a higher probability of committing fraud. Another factor is the position in the organization, since higher loses results if someone with a higher position commits fraud.

Work with Everyone

You’ll need all the help that you can get to detect fraud, and that involves help from possible whistleblowers. Having a great whistleblower program that protects the tipper from retaliation can be one of the best tools for fraud prevention.

A well-designed whistleblower program goes a long way in fraud detection and prevention. It helps facilitate an anti-fraud culture that eradicates fraudsters and favours the organization.

Periodically Tweak Your Process        

Because of the pressures of cyber-automation and globalization, organizations are evolving at a very fast rate these days as compared to just a few years ago. This means that the fraud-control measures that your organization installed a few months or a few years ago may now be obsolete.

Don’t forget that technology is continually evolving and that with changes comes new ways to exploit any weakness in your process. This is why it is of utmost importance to revisit your anti-fraud policies (on a yearly basis at the very least) to evaluate if they are still at par with what’s needed to keep loses at a minimum if fraud should occur.

Fraud is never going to go away, but you can minimize your losses to near zero by protecting yourself and understanding the hard truths about managing fraud. Want to know more about how you can do this? Then contact us and experience how it is to have the best private investigators in Toronto on your team!

Data Analytics for Fraud Control?

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Isn’t it amazing that we now live in a world where everything can be recorded, stored and analyzed? Everything that we do in the organizations we are a part of can be used in detecting fraud and stopping it in its tracks!

Using Data Analytics Software

Are you aware that by using data analytics software, companies can scan their internal data and look for analogous patterns in a span of minutes? With this technology, reducing the cost of fraud and detecting it is made a lot easier, cheaper, and more efficient.

What’s really surprising is the fact that a huge percentage of the largest companies have no data analysis program at all. They are not taking advantage of the available resources for monitoring data, thereby leaving themselves more vulnerable to fraud. This may be because some organizations believe that fraud cannot happen to them, but again, they are wrong.

The lessons in occupational fraud and fraud control has taught us that even the nicest of people only needs a reason to commit fraud and given an opportunity, they would go for it, making now to be the best time to initiate or at least look into fraud prevention options, such as data analytics.

The Future of Fraud Control

In 2009, the professional standards for fraud detection and prevention for auditors was updated, and that was done as a response to the ever changing technological advancements that we are having. These days, both examiners and fraudsters are equipped with technological tools, meaning that the only way to beat fraudsters is to be one step ahead of them. That’s where data analytics comes in for fraud control. Let’s just say that data analytics is the modern survival strategy for tech-savvy companies.

But what really can companies get out of data analytics for it to be hailed as today’s key component in combating fraud? Nowadays, data is exponentially increasing on a daily basis, making ad hoc analyses and sampling as sort of obsolete as far as solutions goes. A great data analytic software can be used to monitor whatever amount of data efficiently, be it in a continuous basis or routine basis. This means that it is more effective in isolating and identifying patterns that can indicate fraud. Imagine having your daily data capturing and analyzation done near effortlessly with automation; wouldn’t that be fantastic?

Here’s another benefit of using data analytics software: Clever fraudsters will find ways to subvert internal audit controls, no matter how good those controls are; however, data analytics can detect the slightest deviation from normal and alert you as soon as it happens. It can even be set-up in such a way that it would watch the internal controls itself!

Thinking of a cost-effective way to combat fraud? Here’s your answer! It is only a matter of time before everything goes digital. The only guaranteed thing when it comes to data these days is the fact that it will continue to evolve, and be more digitized. The beauty of this is that once all your data has been organized, it will be much easier to detect patterns of fraud at a very low cost. Bonus part? You can get reports on demand too!

Looking for ways to use data analytics as a smart move to combat fraud? Then contact us and allow us to walk you through it. We’re not just private investigators, we’re fraud busters!

7 Internal Audit Practices for Effective Fraud Control

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Some would say that internal audits is just another one of those ‘useless’ things every organization is supposed to do, but the truth is, conducting internal audits is an essential tool for fraud control!

In fact, companies have a lot to gain by having a sound internal audit system. With the prevalence of organizational fraud getting higher as new technologies give rise to more opportunities to commit fraud, the more it is of immediate need to have an internal audit program!

Now, we are not discounting external audits, but having to hire a separate organization to audit yours means that you are on the losing side of the fraud battle.

How so?

External audits are often scheduled and this means that the smart fraudsters would have more time to cover their tracks. Having a well-structured system for internal audit means possible mitigating the effects of fraud if it is caught and stopped soon enough.

So what standards must an internal auditing system have? What practices must it employ to maximize results and curb fraud in your organization? There’s a lot! But we can start with our magic 7 list of best practices below:

The internal audit should be an independent function.

It should not be under any department of the organization, especially not under accounting and finance where the majority of fraud cases usually happens.

The internal audit should report only to the highest authority possible.

Having the auditing committee report under a supervisor, manager, a CFO, or a CEO only creates more chances for vital information to be altered before it reaches the right person or persons.

The internal auditors need to be properly trained and have appropriate resources to conduct their function.

Every company is different and thus, the auditors have to be well-trained and very knowledgeable about the company’s operations. How would they know if a process was carried out correctly when they have no idea about the process in the first place, right?

There should be a Board-approved audit plan.

Organizations tend to have different departments or units, and the audit plan has to address all these. It would be best if the audit plan was approved by the Board and adjusted if needed.

The top management should promptly review audit reports.

We’ve mentioned in one of our earlier fraud prevention articles that timing is of utmost importance in preventing and stopping fraud in its tracks. Properly timed corrective actions needs to be taken by the upper management. There should also be clear timeframes and measurable outcomes for actions taken.

Internal controls should work hand in hand with internal audit systems.

Reports, red flags, and the like all have to be properly documented and caught early on to make sure that possible frauds are dealt with.

Controls should also be audited.

Testing of controls on a frequent basis helps with keeping them sharp and in-line with your fraud control objectives. Need we say more?

Remember that internal audits needs to be manned by people with the right skills and access to resources that they will need to combat fraud. There should be proper documentation processes in place and they should be independent enough to not be influenced by any departments.

Want more fraud control advice? Then contact us and we can discuss with you the specific fraud control measures you can take for your organization. In this age of higher prevalence of occupational fraud, you’ll need the premier private investigators in Toronto on your side!

 

Are We in A Culture of Occupational Fraud Risk?

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Haven’t you wondered why cases of occupational fraud seems to be on the rise these days? What changed and how will this change affect the future of today’s organizations?

Controversial or Timely Topic?

It is unfortunate that many people believe that the risks from human capital are getting stronger these days. With the increasing incidence of occupational fraud as seen in graphic representation of discovered cases, it does seem that our culture of freedom (as compared to a few decades ago) is being too permissive to the point that people seem to be having less restraint and personal honesty. Sociologists has been calling this as a decline in social control and yes, it does affect how employers hire. In fact, this changes how anyone can find good people for open positions.

Employee theft and shoplifting is on the rise, and the trend is not local; it is international. Analysts from across the globe names poor economy as the primary factor for this, although the big fishes of occupational fraud are almost always the people who have no need for the extra cash. Another culprit analysts and sociologists are pointing at is that workers are helping themselves to the organization’s assets to bridge the gap between desires and income. Left and right, people are bombarded with what they must buy, what they must have, and what they must look like, but is this really all?

Dishonesty Everywhere

Hayes International President Mark Doyle says that every nation has more dishonest people these days, citing sports figures, church leaders, celebrities, politicians, and people working for the government who are making the news for getting caught in questionable activities as supporting evidence. It is when people see these personas who they look up to doing dishonest acts that it makes it easier for them to rationalize doing the same. After all, it isn’t so bad if someone ‘cool’ is doing it, right?

We’ve all heard instances of famous and/or wealthy people being found guilty of fraud. When their acts come to light, it makes it much easier for less affluent folks to commit the same; perhaps thinking that it isn’t wrong when it is a ‘trend’.

How to Change This New ‘Culture’

So many measures are already in place to prevent people from following suit and engaging in fraudulent behavior. You can always file a case and have the court of law decide, but that isn’t always the most economical way to deal with occupational fraud.

As someone who heads an organization, you have to realize that you are at the frontlines of these changes regarding occupational fraud. Fraud is never okay and shouldn’t be treated as such.

If you’re wondering what you can do in your organization, you can combat this culture of fraud by cultivating a positive corporate culture that rewards people for their honesty and good work. Lead by example and start a proactive risk management strategy. It all starts with you!

Want to know more how to make your organization fraud free? Contact us and we’ll help you with preventing occupational fraud plus share some of our fraud-busting strategies with you!

Must Have Components of a Fraud Risk Prevention Program

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What are the must haves of a sound fraud risk prevention program? This question is often asked from us by our clients and small wonder why. Every organization needs one!

Just keep in mind though – a fraud risk prevention program needs to be carefully engineered for it to be of real use for the organization. No one needs a faulty fraud risk management program, right?

Fraud Prevention General Principles

Only the factors affecting fraud varies across various organizations, the risk stays the same since every business is vulnerable to fraud.

One of the general principles in fraud prevention is to assign the responsibility to a manager or a team of managers. What this does is that ensures that all sorts of activities within the organization will be assessed or evaluated for fraud risks. This is the initial step so to speak, and one that will determine the effectiveness of your fraud prevention program.

What’s next?

It’s all about communication! Once you’ve got a fraud prevention program, it is of utmost importance that this should be communicated to every member of your organization. This means e-v-e-r-y-o-n-e, from the mailroom to top level.

Fraud is a hidden risk, and it will remain that way. What you will be accomplishing by having a fraud prevention program is that you’ll be able to minimize your organization’s risk as well as have some solid steps to follow if someone discovers fraud. In case the program was not able to fully deter any fraud from happening, it should encourage whistleblowers to report occurrences of fraud.

Fraud Prevention Controls

By no means is this list meant to be a complete guideline, but this should give you an idea about what measures you should have in place to minimize the possibility of fraud.

Background Screening

Often thought of as a process only necessary for new hires, background screening should also cover those who are being considered for important positions or potential business partners; yes, even third party ones.

Anti-Fraud Training

Information dissemination about the fraud policies of your organization should be integrated into this.

Performance Evaluation

Even trustworthy individuals might get tempted to commit fraud. People who are in incentive-based positions and those who have been passed over for promotions are high-risk and hence, a fair, correct, and transparent performance evaluation is much needed.

Exit Interviews

Those who leave the company may have information which may help in fraud detection.

Segregated Allocation of Duties

Minimizing monopoly in any area is a must.

Access and Authority

Same as above.

Transaction Controls

Any suspicious activity must be reported.

Auditing

This helps a lot in terms of fraud prevention and detection, more so if you conduct both external and internal audits.

Proper Documentation

Ignoring how important documentation is in fraud prevention and detection, its use in instances where a case may be filed cannot be discounted. For organizations with crime or fidelity insurance, proper documentation is priceless!

Fraud investigation and prevention is one of the key parts of every company’s risk management plan and management process. For more information on designing an effective fraud prevention program, contact us and let the best private investigators in Toronto take care of that.

Fraud Investigations and Seeing the Bigger Picture

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With our years of experience in investigating cases of occupational fraud, we’ve proven that it is often the case that a suspected perpetrator of fraud is indeed guilty. After all, there won’t be any smoke if there isn’t fire, right?

It’s not just that, but for a huge percentage of the cases we’ve handled at Haywood Hunt, fraud generally occurs in more than one aspect of a person’s life. Now, this is certainly a matter of concern in fraud investigations.

But why?

Smoke and Fire

If someone is proven to be have committed some form of fraud, it often extends to other work areas as well. For instance, do you think that your employee who got caught tinkering with his or her timecard is only stealing from the organization by fiddling with his or her recorded time? It could be much, much worse. In most cases, proving someone has committed some fraud is like hitting the tip of the iceberg and then unearthing a mammoth after a thorough investigation.

Seeing the Bigger Picture

As fraud investigators, we often treat our initial investigation as an opportunity to have a deeper understanding of the perpetrator for two main purposes, namely:

  1. The person’s motivating factor, and
  2. To see if the deviant behavior or fraud extends to other areas which may or may or may not be related to the case.

As we’ve touched upon on our blog about The Fraud Triangle and occupational fraud prevention, people who are considered ‘nice’ and ‘good’; are capable of committing fraud and excusing their actions in their heads as somewhat normal and acceptable. How so? When someone is pressured in such a way that they perceive doing something is the only way out of whatever predicament they are in, you’d be surprised at what things someone can do without batting an eyelash!

Desperate Times Calls for Desperate Measures

A person with some fraud red flags is more likely to be doing the same in other areas of his or her life. In one of the cases we’ve handled, we were asked to investigate an employee who was proven to be stealing small items from his employer. Now, this is just a petty thing, right? But look at what we’ve uncovered upon further investigation. We found out that this person is managing and running his own business while clocked in and being paid by the company. We’re not saying that an employee having his or her own business is wrong, but working on your business while clocked in at your job is considered to be a form of stealing and yes, it is fraud!

The example above is not that extreme, but if someone is abusing the company’s resources (by stealing company time), there is a possibility that person could be engaged in other forms of fraud such as stealing office supplies, diverting company funds, potential internet abuse, and even potential corporate espionage!

That’s where we come in at Haywood Hunt. We try to see the big picture for you so you need not worry about the small things. If you suspect someone in your organization is committing some form of fraud or that you’re a victim of white collar crime, contact us and we’ll take care of examining the bigger picture. That’s what we call effective and truly thorough fraud investigation!

 

Understanding Why Fraud Occurs – The Fraud Triangle

 

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It is often a baffling question how fraud can happen in your organization; and if you’re asking this question, you’re one of the thousands of executives, managers, and business owners who want to find out how and why fraud happens. So how does fraud happen? What contributes to it? What are the signs it could be happening in your organization?

Understand Why Fraud Occurs

There are many reasons for fraud and a lot of factors can contribute to companies and systems being repeat victims of it. What you need to do is to understand these factors so that you can prevent occupational fraud from occurring at your workplace. After all, 5% of your total revenue could be going straight to the pockets of fraudsters!

The above goes to show that you must spare no effort in trying to minimize the risk of fraud and understanding the factors related to it. That’s fraud risk management in a nutshell, and you should take steps to address this matter as soon as you can. So, let’s talk about the Fraud Triangle.

The Fraud Triangle

Developed by the well-known criminologist Donald R. Cressey, The Fraud Triangle helps us understand the rationales and circumstances behind instances of occupational fraud. The triangle is composed of the following:

1 – Opportunity

Nothing would happen if not presented with an opportunity. In fact, normally honest individuals can be seduced to commit fraud if there is an opportunity.

Fraudsters take advantage of weak internal controls, low likelihood of detection, poor security, and lack of clear policy enforcement to abuse or use their position of trust to get some personal gain. All it takes is one weak moment and opportunity!

2 – Motivation or Incentive

Greed and need are the most common motivations for committing fraud. The temptation becomes too great when an opportunity presents itself as well. If pressured, an individual may commit fraud to cover needs to:

  • Pay bills
  • Sustain an addition (such as gambling or drugs)
  • Meet productivity targets in one’s work
  • Afford a better lifestyle and purchase status symbols such as bigger houses and better cars

3 – Rationalization or Attitude

Yes, even ‘nice’ people can commit fraud! It all boils down to what they tell themselves to be able to excuse such as act as ‘acceptable’. Believe it or not, some very righteous individuals possesses a character, attitude, and set of ethical values that allows them to commit dishonest acts intentionally.

Fraudsters often have a very normal view of themselves and do not consider their actions as wrong, or even bordering on criminal. It is often the case that employees who steal from the company rationalize their acts by reasons such as not getting promoted, not getting a raise, feeling that they are being paid too little, or thinking that their employer ‘deserves’ to  be fleeced. It is human nature to try to get as much as one can get and sadly, fraud results from that.

Now that you understand what The Fraud Triangle is, let this be one of your must-learn lessons in fraud prevention and occupational fraud. Society is vulnerable to white collar crime such as occupational fraud because of inadequate knowledge about how and why it occurs. It’s a great thing you’ve stumbled upon this fraud prevention blog article from one of the best private investigator teams in Toronto to help you along! Contact us and we’ll be glad to explain fraud prevention and detection further to you!

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Lessons in Fraud Prevention and Occupational Fraud

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We’ve been talking about occupational fraud, its detection, and prevention for the past few blogs, but not everyone may be aware what the term means and how their organization is vulnerable to it.

You see, occupational fraud is something worthy of much consideration, more so if you have a business with people working under you. After all, about $3.7 trillion dollars is lost to occupational fraud every year worldwide! Of that degree of loss, only 14% of all organizations are able to recover what was stolen from them. So what is this blog about? This is all about education and finding ways to at least mitigate fraud if not fully prevented. But how? Read on and find out below.

The 3 Steps Set-Up of a Fraud Prevention Program

  1. Know what fraud is and how likely it is to occur.
  2. Pin-point possible sources of fraud.
  3. Act on preventing fraud by having controls and fraud-prevention processes.

A fraud or crime-resistant organization often has a great anti-fraud corporate culture that covers all levels of the organization. It might take a while to take root, and you’ll have to nurture it, but with continuous effort, you can make occupational fraud be a thing of the past for your organization. Take note, the 3 steps above is essential!

So, What is Occupational Fraud?

Occupational fraud is defined as personal enrichment through the use of one’s position to deliberately misuse the organization’s assets or resources. Like what’s mentioned before in one of our blogs, occupational fraud has 4 elements, namely:

  1. It is not easily detected.
  2. It involves a violation of the perpetrator’s fiduciary responsibility to his or her employing organization.
  3. It is meant to benefit the perpetrator materially speaking, and
  4. It results to a loss for the employer or organization.

It goes without saying that the elements described above all means that fraud could be happening at your organization and you may not be aware of it!

3 Categories of Occupational Fraud

Occupational fraud can be as petty as stealing a few dozen folders from the organization’s office supplies, to swindling millions of dollars of organization assets. Here are the 3 categories:

  • Asset Misappropriations is when the organization’s assets are stolen or misused by fraudsters.
  • Corruption is when an individual (or individuals) use their position in the organization to manipulate business transactions in a way that would benefit them materially.
  • Fraudalent statements is defined as when a perpetrator falsifies the financial statements of the organization employing him or her to divert assets for his or her personal gain.

There are a lot more subtypes under these categories but the most common is falsifying financial statements (either by stealing inventory or padding expenses) which accounts for a median loss of about a million dollars for affected organizations. Now, let’s talk about reducing the risk of fraud, shall we?

Minimizing the Risk of Fraud

Totally stopping occupational fraud may not be possible, but there are steps to at least minimize the chances of it happening at your organization. You can try to provide annual training programs, perform thorough background checks, separate different roles or positions, continually scrutinize decisions and processes, have a whistle blower policy or program, and a whole lot more.  What matters is that these measures should be integrated into your corporate culture and that it is clear from the very start that there would be no exceptions for everyone caught, no matter who he is or who she is.

Want to know more about the best fraud prevention practices? Then contact the premier private investigator team in Toronto! We’ll do more than just help you prevent fraud, we’ll catch it when it happens!