Preventing
Fraud
in your
Workplace
Preventing fraud in your workplace
Introduction

• Over the past couple of years,
the public’s attention has been
captured...
Preventing fraud in your workplace
Main Examples
• Their are many kinds of fraud,
such as:
– Falsifying reports or procedu...
Preventing fraud in your workplace
Strategy 01 – Set clear standards

• One of the best ways to help
safeguard a business ...
Preventing fraud in your workplace
Strategy 02 – Check employee references

• When hiring new
employees, check
references ...
Preventing fraud in your workplace
Strategy 03 – Secure your organization

• Some deterrents are
simple to initiate, but
o...
Preventing fraud in your workplace
Strategy 04 – Control who reviews sensitive docs

• Companies should control
who first ...
Preventing fraud in your workplace
Strategy 05 – Consider annual audits

• Even though it may not be
required, obtaining a...
Preventing fraud in your workplace
Strategy 06 – Watch for red flags
• Some of the red flags of fraud include:
– An employ...
Preventing fraud in your workplace
Strategy 07 – Zero-tolerance culture

• Develop a zero-tolerance
culture for fraud and
...
Preventing fraud in your workplace
Our References
• Appreciation for Editorial
Assistance by William R.Z. Kush:
– billkush...
Preventing fraud in your workplace
Our Business Contacts
Feel free to send us an e-mail.
Our Website:
www.licoreis.com
Our...
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Preventing Fraud in your Workplace

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Preventing Fraud in your Workplace

  1. 1. Preventing Fraud in your Workplace
  2. 2. Preventing fraud in your workplace Introduction • Over the past couple of years, the public’s attention has been captured by cases of corporate fraud involving many companies. • In fact, studies show that occupational fraud now results in the loss of five percent of an organization’s annual revenue.
  3. 3. Preventing fraud in your workplace Main Examples • Their are many kinds of fraud, such as: – Falsifying reports or procedures to maximize results and performance. – Misrepresentation of dates or description of services. – Accepting bribes from suppliers and customers. – Providing false employer group and/or group membership information. – Stealing company’s products. Embezzlement Corruption Fraudulent documents
  4. 4. Preventing fraud in your workplace Strategy 01 – Set clear standards • One of the best ways to help safeguard a business is to set clear standards for your company employees. • An employee manual can be helpful in establishing the principles and values to guide your organization. • The rules apply to everyone.
  5. 5. Preventing fraud in your workplace Strategy 02 – Check employee references • When hiring new employees, check references and perform background checks that include employment, credit, licensing and criminal history. • The benefit is far outweighed by the cost.
  6. 6. Preventing fraud in your workplace Strategy 03 – Secure your organization • Some deterrents are simple to initiate, but often go ignored. • It is important to closely guard and monitor financial procedures and the company warehouse / inventory.
  7. 7. Preventing fraud in your workplace Strategy 04 – Control who reviews sensitive docs • Companies should control who first receives the bank statements and other sensitive documents. • This helps eliminate the possibility that someone intercepts the mail first for the purpose of stealing or covering up an earlier theft.
  8. 8. Preventing fraud in your workplace Strategy 05 – Consider annual audits • Even though it may not be required, obtaining an annual audit is a good idea. • An audit will not discover all fraud within an organization, but it will give you an opportunity for someone removed from the daily operations to take a “bird’s eye view” of the business.
  9. 9. Preventing fraud in your workplace Strategy 06 – Watch for red flags • Some of the red flags of fraud include: – An employee who seems to be living beyond his or her means. – A sudden change in attitude and/or behavior. – Unexplained profits and losses in the books. – Evidence of relationships between employees and customers or suppliers. – An employee who never takes vacation. – An employee who works a lot of overtime. – Evidence of financial hardship.
  10. 10. Preventing fraud in your workplace Strategy 07 – Zero-tolerance culture • Develop a zero-tolerance culture for fraud and corruption. • Ensure that all the company materials or documents send the same message with company symbols, trademarks and slogans that encourage ethical behavior.
  11. 11. Preventing fraud in your workplace Our References • Appreciation for Editorial Assistance by William R.Z. Kush: – billkush1965@gmail.com • The following are referenced in this presentation: – http://www.businessweek.com/smallbiz/tips/archive s/2010/07/spot_workplace_fraud.html – http://www.accountingnet.ie/business_finance/Fraud _in_the_Workplace__Understanding_the_pitfalls_and_improving_your_ effectiveness.php – http://www.boston.com/jobs/bighelp2008/fall/workp lace_fraud/ – http://www.prevention-commerce.com/pcevf.asp
  12. 12. Preventing fraud in your workplace Our Business Contacts Feel free to send us an e-mail. Our Website: www.licoreis.com Our E-mail: licoreis@licoreis.com licoreis@licoreis.com.br Linkedin: Roberto de Paula Lico Júnior Skype: roberto.lico
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