Prevent Internal Fraud With Awareness and a Solid Strategy

With more information about the many types of fraudulent activities that some untrustworthy characters might try to pull off in an organization — perhaps even your organization — you understand how important it is to you, your company and your honest and reliable fellow staff and managers that you learn precisely how to protect your business from internal fraud.

As you start working on this long-term and critical process, consider a few of the following tips toward formidable internal fraud protection:

  • Build an Ethical Corporate Culture. Work with your organization’s executive board, managers, IT staff and maybe even a few longstanding and well-trusted employees to help construct an ethical standard to which you expect everyone — from the top executive to most recently hired employee — to know, understand, respect and uphold. Establish your company’s ethical standards and insistence on transparency, focusing on internal fraud concerns, internal controls and maintaining an ethical company culture.
  • Run Thorough Background Checks. Monster.com reports that, although most employers request that newly hired employees agree to a background check, less than 50 percent of employers actually follow through on what can serve as an illuminating tool. If your staff members work in financial areas or with product inventory, it is to everyone’s benefit that your human resources team performs the most detailed background and credit check allowed by your state.
  • Install Surveillance Systems In Key Areas. Some areas where it might prove useful to occasionally check recordings from a surveillance system include secluded warehouse areas, supply store rooms, and anyplace where your company stores on-site cash. Inform your staff that these monitoring devices are present, as well as where and why you have installed them. The more ingrained such accountability becomes, the less uncomfortable people may feel about it and understand that it is for everyone’s benefit.
  • Design Checks and Balances. In most bank and money-handling settings, there are checks and balances in place to keep everyone honest and accountable. Not only does this type of tack prevent internal fraud, but it helps you detect accidental errors and omissions by cross-checking addition and reporting on financial documents. Regularly performing internal audits and other procedures help ensure accuracy and can help you catch suspicious inconsistencies before they spiral out of control.

Prevent Internal Fraud

Protecting Your Organization from Internal Fraud Helps Keep Your Workplace Happy and Thriving

Not only can internal fraud cost your organization large sums of money that might have gone toward profits and staff bonuses, it can put a dent in your company’s collective morale and create undue suspicion and resentment. When you put safeguards in place to deter fraudulent activity from the outset, as well as performing internal audits to catch on quickly, you can help build a foundation of trust and mutual accountability.

At I.S. Partners, LLC, we understand the complexities of learning, adopting and implementing strategies to fight internal fraud and feel that we can help you and your company easily make that transition. We hope you might call on us to help you prevent internal fraud. Give us a call at 215-675-1400 or email us at [email protected] for more information

Author Picture

Request a Quote

Get hassle-free pricing in 3 easy steps:

  • Step 1: Send us a message
  • Step 2: Allow us to create a customized plan
  • Step 3: We’ll get you an accurate, no-obligation quote
[form_name]

Start Here

Request a Quote

Please fill out the fields below and one of our specialists will contact you shortly. Want to speak to us now? Call us at (866) 335-6235

Request a Quote (New Site)

I.S. Partners is serious about privacy. We will never share your information with third parties. Please read our Privacy Policy for more information.

Sending
I.S. Partners

Your choice regarding cookies on this site

This website stores cookies on your computer. These cookies are used to collect information about how you interact with our website and allow us to remember you. We use this information in order to improve and customize your browsing experience and for analytics and metrics about our visitors both on this website and other media. To find out more about the cookies we use, see our Privacy Policy.

If you decline, your information won’t be tracked when you visit this website. A single cookie will be used in your browser to remember your preference not to be tracked.