Few business leaders would expect misappropriation to happen to them. However, no matter how trusted one’s employees are, it’s essential that, Lyrla claimed that she began misappropriating funds after witnessing other staff members doing the same.
The Wall Street Journal explained that there are numerous ways for organizations to reduce the risk of embezzlement. For example, one strategy is to enforce policies that center around a code of ethics that explicitly sets forth certain behaviors that will not be tolerated. Putting the time into establishing such rules will send a strong message to employees and decrease the likelihood that they will seize an opportunity to commit a misdeed.
Additionally, accounts payable audits are critical. When leaders ensure that financial operations are being investigated regularly, not only are thefts less likely to occur, but any incidents can be caught early on.