fraud prevention

Fraud Prevention Tip #44: Prepare for Investigations Before the Alarm Goes Off

Here are a few quick suggestions as you prepare to respond to a fraud incident. Be ready to respond to fraud incidents before they surface. Periods of calm like right now are when you put the pieces in place. Then when wrongdoing or fraud is suspected, you already know what to do. You just execute […]

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preparation for fraud incident

Fraud Prevention Tip #43: Build The Response Team Before It’s Needed

Near our home, there’s a city firehouse. Inside 24 hours a day are trained professionals ready to go when the alarm sounds. Their equipment is maintained in outstanding condition, their trucks are fueled, and their protective jackets, boots and helmets are already in place. They don’t wait for the alarm to go off before thinking […]

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Avoid Form Over Substance in Managing Risks

Fraud Prevention Tip #39: Avoid Form Over Substance in Managing Risks

I’ve been a professional auditor for almost 40 years. And I’ve seen it over and over and over again – hundreds if not thousands of times. Form over substance controls and behaviors targeting fraud risks. Here’s what I mean: • Two signatures are required on transactions over a threshold like $5,000. But neither signer knows […]

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Adviser Leadership Management Director Responsibility

Fraud Prevention Tip #35: Write About Your Fraud Risks and Better Practices for Managing These Risks

One of the easiest (and least expensive!) ways to teach your employees about how to manage their fraud risks is to write about it. Short ‘how to’ articles published in organization electronic portals, websites and newsletters are the perfect place to provide direction. These articles should all address one common theme: How do I know? […]

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third party organizations

Fraud Prevention Tip #34: Tell Suppliers & Contractors How To Do Business With You

Healthy relationships with suppliers and contractors are critical to the success of pretty much every business organization. But blind reliance on these third parties can leave us exposed to many risks – including misconduct and fraud. Even highly ethical suppliers and contractors can see their integrity efforts undone by just one of their employees who […]

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