Reducing internal fraud risk is everyone’s responsibility

For today’s smarter fraudsters, weak controls and fewer resources provide an ideal opportunity for exploitation.

HR, IT, Finance and the Audit team all need to collaborate and work together as an effective unit in order to successfully protect the business. 74% of fraud cases involved the exploitation of weak internal controls by fraudsters and newly announced government proposals are set to make the boardroom more accountable.

Business leaders will also now be forced to balance anti-fraud investment, an item that may have suffered previously as a result of cost-cutting.

If cost-cutting really is necessary, then it must be carefully balanced with risk management – as short term savings have the potential to expose the business to further risk, resulting in long term losses if not managed effectively.