Fraud in companies has become endemic. Knowledge is one of the few genuine tools against dishonesty, economic crime and fraud. Adopting the idea that “prevention is better than cure” is critical to the fight against fraud and limiting companies’ potential losses from fraud. To achieve that, it is vital to develop a comprehensive strategy, to address the issue of fraud prevention. The emphasis is therefore on scientific proactive fraud preventative techniques. A strategy such as this can never be finalised. It must always be maintained to provide for the rapidly changing circumstances and developments within the entity.
Fraud is a problem that undermines the stability and financial health of companies from across the world. It is not a victimless crime, but one which undermines their profitability and capacity for a beneficial impact locally. Global research shows that fraud costs organisations an average of 5.7% of expenditure.
Fraud Risk Assessments are the first step in developing a strategy for the prevention, detection and response to fraud. We assist our clients with both;