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Internal fraud prevention and monitoring tools
Internal fraud is any attempt to commit theft, embezzlement or misappropriation of company assets by employees or other individuals with access to the organization’s resources. It can also include fraudulent behavior, such as kickbacks or bribes, resulting in financial gain for the individual at the company's expense.
Internal fraud is a serious problem for businesses of all sizes in all industries. According to the Association of Certified Fraud Examiners (ACFE), it costs organizations an estimated 5% of their annual revenues. Small businesses are especially vulnerable, as they often lack the resources to effectively prevent and detect fraud. However, in today’s environment of ubiquitous social media and global exposure, fraud is impacting all organizations, stretching beyond just financial damage.
Internal fraud occurs for many reasons. Often, it’s simply a matter of opportunity – employees who have access to sensitive information or large amounts of cash may be tempted to misuse those resources for personal gain. In other cases, internal fraud may be motivated by revenge or retribution against the company. Finally, some individuals may commit fraud simply because they feel entitled to do so or believe they will not get caught.
Whatever the reason, businesses need to be aware of the risk of internal fraud and take steps to prevent it.
The many benefits of implementing internal fraud prevention and monitoring tools include:
Given the importance of protecting your business from fraud, it’s essential to invest in a comprehensive internal fraud prevention and monitoring tool.
Although fraud cannot be fully prevented, businesses can take several key steps to help minimize its impact. One of the most important is to implement internal fraud prevention and monitoring tools that, when strategically deployed, can help organizations keep tabs on their finances and spot suspicious activity.
Common internal fraud prevention and monitoring actions include:
Companies may have a different risk matrix – which reinforces how critical it is to engage professional fraud specialists to assist in fraud and risk management. Common fraud prevention and monitoring tools include:
The tools described above shouldn’t be applied blindly, but instead should be based on the company’s risk profile as well as the costs and benefits analysis.
A qualified fraud risk specialist can design and implement an effective and efficient program (or improve an existing one) that’s right for a specific organization.
Our approach is to provide strategic guidance and offer comprehensive solutions tailored to your organization to address allegations of fraud. Our goal is to help clients make informed, fact-supported decisions that further minimize losses, disruptions, risk and exposure.
We help clients by:
We pride ourselves on building strong relationships and becoming your trusted advisor by delivering expertise and high-quality results.
Contact us today to discuss comprehensive solutions for your organization.
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