Businesses that set employee expectations regarding acceptable conduct and specific consequences resulting from breaching policy see the value added by a reduction in risk and being prepared.
What is an effective control?
To have an effective fraud prevention program, you need to provide awareness, access and anonymity.
The following program is key to minimizing your risk, exposure and loss:
- Perform a fraud risk assessment
- Educate your team on what fraud looks like in your business
- Make your team aware of your fraud policy and code of conduct
- Establish a whistleblower/ethics program
- Regularly refresh your team on your policies and how to access your Whistleblower program