How to Reduce the Risk of Fraud at Your Office

When we talk about fraud and embezzlement in business, famous criminals like Bernie Madoff and Jordan Belfort might come to mind. But it isn’t just banks and institutions on Wall Street that deal with financial fraud.

Every business owner must understand the dangers of embezzlement and the implications it could have on their organization. Smaller organizations are especially at risk because they often lack the resources to take a financial loss. Plus, many small businesses only require one employee to manage financial information and documentation, making it easier for that person to commit fraud because there’s no one to hold them accountable.

As an HR professional of any corporation (large or small), you can reduce the risk of fraud by following a few simple steps.

To keep reading, click here: How to Reduce the Risk of Fraud at Your Office

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2 thoughts on “How to Reduce the Risk of Fraud at Your Office

  1. The other piece of this that most people don’t get is that having fraud prevention measures in place, even when you (think you) know someone, is that it protects THEM, too. Because if something goes awry, you can point to the procedures you have and have been following as a way to demonstrate your innocence.

  2. I agree with the other commenter about this can backlash on the employer especially with deceitful employees who somehow always have the right wording to mostly escape detection. But the article does give a guideline for preventing fraud. My main problem with the push in taking vacation and cross training which both are good for all, but I would also make sure that when the person takes those vacations they are not held liable for mishaps that their “supposedly “ cross trained designated backup person fails to achieve because of whatever reason given ( and I have heard them all). I am quite sure that given these assurances, more people would more readily take vacation if they don’t have to be responsible for something that occurred during it. Remember that there’s many people who don’t want to do more work than basic performance even though the job does require it and that makes someone else do the bulk of the job unappreciated.
    If you are going to have this rules in place, then also insure that they are being done by all equally. It is not a perfect world but we all want to be treated equally. Don’t let the slackers cause these problems.

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