98.7% Of all customers recommend us, we're so confident about our results we publish all reviews and stats
View Live Stats View ReviewsPrevious article Next article Finance for Non-Financial Managers articles
Stamp Out Fraud In Your Firm From The Very Beginning
Thu 17th February 2011
Many experts have looked at the catalysts that push loyal colleagues to effectively steal from or dupe the firm that pays their wages. Sometimes the worker concerned is experiencing severe financial difficulties and is looking for an easy way out. Others are opportunists who believe they are able to get away with theft of some kind, while a third group include those who find it easy to rationalise their decision to commit fraud, such as those who believe they haven't been treated well by the organisation and think they 'deserve' their illegal perks.
There are several ways that you can weed out prospective fraudsters and a variety of techniques are available to prevent them becoming active in your company. There are statistics revealing that younger employees may be more inclined to thieve, but older managers are also linked to high-profile cases where significant amounts of money is stolen from work accounts.
Start with screening
Before you offer someone a job in your firm, it's wise to follow up on checks into their past. This can include references from previous employers and questions about their criminal history. Of course, not all people who have been in trouble with the law will offend again, and the decision is yours whether their skills and experience speak for themselves.
References may give indications that the staff concerned experienced problems/addictions that resulted in warning signs that candidates have issues that could affect their ability to carry out their role. It's important to bear discrimination policies in mind when considering these variables and to weigh up each decision individually.
Laying down the law
Once new staff have started with your company, then introduce them to the policies you have regarding fraud. This will help staff see that there are drastic consequences for their actions should they break their contracts. Another way to help prevent fraud among your workforce is to introduce a system whereby employees are able to raise their concerns anonymously regarding fellow colleagues they believe are acting illegally.
Spread your staff
High-profile fraud cases are unlikely to hit your organisation, but this kind of illegal activity can result when one worker is charged with looking after the majority of your accounts. Rather than having just one role where accounting is concerned, you may like to consider creating numerous posts, so issues are more likely to be detected. Workplaces also like to practice staff rotation, meaning each employee in the financial sector gets a chance to oversee the financial running of your firm.
Monitoring and random audits
You may feel more comfortable relying on audits rather than staff rotation to identify any incongruities within your company. Also, this could suit you better if your firm is a small to medium enterprise that cannot afford to employee more people in order split roles.
It's best to practice both monitoring and the technique of spreading responsibility, but if you do choose to rely on just audits then try and launch random ones to catch any suspect employees off-guard. Don't forget to look at expenses claims, payroll, purchasing, sales, cash amounts and customer complaints. As well as conducting surprise audits, you can also monitor workplaces using CCTV, especially where cash transactions are concerned.
Author is a freelance copywriter. For more information on introduction to finance for non-financial managers london, please visit https://www.stl-training.co.uk
Original article appears here:
https://www.stl-training.co.uk/article-1440-stamp-out-fraud-in-your-firm-from-very-beginning.html
Finance for Non-Financial Managers courses in London and UK wide.
London's widest choice in
dates, venues, and prices
Public Schedule:
On-site / Closed company:
TestimonialsJigsaw Business Solutions
Managing Director Kim Anderson Project Management - Framework & Processes Claire obviously had lots of experience which was fantastic and really owned the material. I’d love to see some very practical suggestions of tools to use (ie software) to help manage the vast information that a PM has to grab and share. Some thoughts went to how we could use Claire’s knowledge to facilitate a really relevant half day or day helping us to put the theory into our own/current projects so that we can drive best practice and keep the learning alive. It’s difficult to involve everyone but I wonder what more could be done to engage every individual, get them to contribute more. Feedback I’ll give to my team is they shouldn’t have had to be encouraged to answer questions! Suggestions on how I could ‘test’ in some way that they have absorbed what we learned would be really useful. I was thinking about mini- project groups, on-training to the rest of our team, and of course them putting it into practice. What follow-up can you recommend to help me to ensure we don’t lose sight of the core principles and best practice? Thanks for a great day! NBCU
Presentation Scheduler Ash Shah Excel Intermediate Fantastic course run by Max, enthusiastic and positive, very knowledgeable and made it very easy to understand the course ReAssure Life Limited
Team Manager Neil Margereson Excel Intermediate Excellent. Well paced, very patient trainer didn't make anyone feel awkward. Great knowledge shared. Thankyou |
PUBLICATION GUIDELINES