Managing Fraud within International and Domestic Businesses

MANAGING FRAUD

A recent survey identified major increases in certain types of fraud, notably financial misrepresentation, corruption, asset misappropriation and forgery within both international and domestic businesses.

Economic crime remains a constant danger throughout the developing and developed world. Nearly half of the detected frauds have involved middle or senior management, with 30% of these cases being detected by chance.

Such frauds can have serious repercussions on a business’s financial and corporate reputation. Large companies are more likely to suffer from fraud than smaller entities and tend to be complacent, despite regular audits and compliance checks.

All too often, businesses neglect the very real threat posed by fraud and only have a minimal or no preventative policy in place. In such cases there is a need to address the subject of fraud prevention and control, especially when considering the diversity in globalisation of this type of crime.

The implementation of a comprehensive fraud policy will reduce the risk factor and it is worth remembering that policies and procedures can become outdated very quickly and therefore need to be regularly reviewed.

Signum Services Ltd is available to offer advice and assistance on these important issues.

MIKE HAWKINS

Chief Investigator

Signum Services Ltd