In times of economic stress, corporations face heightened fraud risk, both within and outside their organization. To protect their bottom line, it is critical that organizations have in place a robust anti-fraud strategy, effective monitoring and controls, and a meaningful fraud response plan. History shows that times of crisis trigger an increase in corporate fraud incidents across a range of categories. Given the current squeeze on revenues and focus on cost management, organizations that can root out and protect against fraud will bolster their bottom line. Without question, a multifaceted approach works best.
Joanne Taylor, managing director at K2 Intelligence FIN, discusses what tactics entities can employ to protect themselves during times of uncertainty. Among her recommendations, she includes:
- Identification and swift investigation of fraud incidents
- Creating a fraud response plan
- Cohesive identification of fraud risk
- Ongoing monitoring for fraud
- Prevention through antifraud controls
- Ensuring there is a deterrence factor
- Being mindful of whistleblowing
Read the full article in ACC Docket.