Fraud Risk Review
In the current economic climate, and despite attempts to stamp it out, fraud risk in your business and occurrence of fraud in its various forms is on the increase.
Inquesta offers a free service, whereby you can complete a fraud health check questionnaire, and based on the results we will provide you with a risk rating and some basic recommendations.
There are many simple procedures which company’s can follow to reduce their fraud risk, to find out more please contact us or chat online.
The theory how fraud risk arises is set out in the Fraud Triangle, the three key elements of which are opportunity, rationalisation and pressure.
Opportunity is the ability to commit the fraud, for example, easy access to records or valuable items etc. Opportunity is created by weak controls and oversight.
Pressure reflects the individuals need to commit the fraud, for example, financial distress or pressure to achieve results.
Rationalisation is when the individual determines that the fraud is acceptable. An example of rationalisation might be ”I am just borrowing the money.. I will pay it back”
The Fraud Triangle
Only recently it was reported that an employee stole £250,000 from her employee to pay for a wedding. This individual was an accounts assistant who channelled the company’s money to her own bank accounts.
If you are concerned about your company’s exposure to fraud, chat on line, or call us on 0845 223 4700.