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Inside Internal Controls

News and discussion on implementing risk management

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Managing fraud risk

Reducing the risk of fraud from both external and internal sources is something that all businesses have to consider at some time, or continually, depending on the owner’s approach and taste for living on the edge. But seriously, fraud is a serious problem that can damage or even destroy a business, particularly small and medium ones, which can’t afford the potential losses.

 

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Laws not enough to stop fraud

A recent US survey finds that “Business losses due to fraud increased 20% in the last 12 months, from $1.4 million to $1.7 million per billion dollars of sales. … 88% of the respondents reported being victims of corporate fraud over the past 12 months.” Does this worry you?

 

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