Once an instance of fraud is found, it’s already too late. Many organizations have been faced with the shortcomings of their financial controls in a moment of crisis, but it shouldn’t take an incident to spur a company into protecting its accounts. Preventing fraud through audit solutions is one of the most effective strategy.
According to PropertyCasualty360, a recent Marsh webinar revealed that there were these instances, the source stressed that monetary losses are often not the greatest impact of fraud. In fact, the ensuing investigations, criminal prosecutions and bad publicity are what really take a toll on the organization.
Corporate Compliance Insights noted that in order to boost financial compliance and protect against theft, organizations should take a few basic measures to ward off fraud. The source recommended that these procedures should include such actions as forming an audit committee, performing risk assessments and establishing a whistleblower hotline.
Additionally, the news provider pointed out that employers should put comprehensive anti-fraud policies in place and train staff on how to play a role in the firm’s financial health.