Without the knowledge or the right procedures in place to detect fraud in your organisation, you leave your business and its assets vulnerable to opportunists and cyber criminals.
With more than one in ten executives reporting their company had experienced a significant fraud between 2012 and 2014, it is vital that any criminal activity in your business is detected early on to limit its consequences.
Fraud can be detected in a number of ways, ranging from external audits to simply discovering the fraud by accident. However, the duration of a fraud and the losses that ensue can be massively reduced by proactive methods, including management reviews, internal audits, and effective IT controls.
Although these methods are inexpensive and relatively easy to administer, a frighteningly high number of businesses do not use them, relying instead on passive or external detection. However, by the time these methods detect a fraud in your business, it is highly likely that significant damage will have been done.
At Nicholls Law, we use the expertise of our market professionals to help you design and implement proactive fraud detection strategies, reducing your risk of falling victim to occupational fraud or cyber crime. These proactive methods can detect a fraud in its early stages, potentially saving your business thousands of pounds.
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