Business News for 26th September 2011 :: How to Reduce the Risk of Fraud in Your Business 5 top tips

What can you do about it? Start by recognising that you could be

vulnerable. A mix of the right policies and procedures can help to minimise your risk.

Five top tips to consider:

Set the right tone: in which honesty and integrity are paramount and dishonesty will be dealt with appropriately.

Employment: recruitment policies should include reference checks and background screening.

Increase the perception of detection: put in place sensible supervisory controls including segregation of duties, proper authorisation processes and management review. Carry out surprise checks and investigate when you suspect fraud.

Regularly review the performance of your business and follow up unexpected variations: eg lower than expected gross profit margin and above budget expenditure could be due to fraudulent activity.

Staff policies: educate your employees about fraud, its impact on the business and how they can help prevent it. Create a culture where staff can raise concerns about suspected or actual fraud and encourage open dialogue. Enforce mandatory holidays and rotate jobs if practicable. Alliotts takes the threat of fraud very seriously.

If you would like to discuss how you can reduce the risk to your business please contact Jackie Withey on 020 8861 1771 or at jackie.withey@alliotts.com who can put you in touch with one of our fraud prevention specialists or visit Alliots.com.

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