Fraud - Don't get caught out!

10th June 2010
Ernst & Young have just completed their 11th Global Fraud survey and you may find the results a little unsettling.

The Bribery Act 2010 is a criminal law reform that encompasses modern bribery offences. Under the new Act individual directors and executives are no longer immune from prosecution. Despite this 18% of UK companies have not performed a fraud risk assessment in the last 12 months and 8% have never completed one!

A troubling fact when there has been a 20% increase in significant fraud cases in Europe in the last year.

In addition, it is very common for fraud to increase in troubled times. It makes sense I suppose, as times get tough people (including perhaps your employees or business partners?) get desperate.

To minimise fraud exposure it is essential for businesses to carry out due diligence before taking on any new financial risk, and to be sure that internal processes are robust enough to either prevent it or show it up if it should happen?

The financial systems and controls that Insight Associates implements on behalf of its clients provide good clear audit trails and set in place sound reporting and approval structures to minimise risk and prevent incidents before they occur – minimising risk to both the company and individual directors. These systems and controls have been developed over many years from experience and knowledge in many diverse businesses and situations. So all of our clients benefit from our work.

If you would like to find out more contact us now.

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