Fraud Risk Assessment
Research has shown that fraud is no discriminator and can be carried out by the person you’d least expect and with fraud costing businesses as much as 5% of their annual turnover, it’s a problem that needs to be addressed and mitigated for the good of all concerned.
At RMI Accountancy Accountants in Media City, Manchester, we help companies in the media industry to assess, identify and prevent fraud before it ever happens and our services offer a holistic and comprehensive solution to a problem that robs individuals and organisations of millions of pounds every year.
Fraud Risk Assessment
Amongst the many compelling reasons to take measures to mitigate the effects of possible fraud is the most obvious one of loss of resources and money, but there are numerous other virtuous effects to analysing your current state of vulnerability to criminals.
Comprehensive risk assessments will enable you to:
- Identify any improper conduct within your organisation and those responsible
- Transmit a company-wide message that fraud is completely unacceptable and will be prosecuted when discovered
- Identify and measure what your potential fraud threats are
- Help your company recover any historical losses
- Identify those with the most opportunity to commit fraud
- Mitigate the consequences of undeterred fraud
The systematic nature of the work that we do, means that no stone is left unturned in the search for potential risks. Nothing gets through the net!
So, what’s involved in a Fraud Risk Assessment?
When new clients come on board with RMI Accountancy, the first course of action is conduct a vital risk assessment and this has several purposes and facets. Whilst the evaluation of potential risks a company encounters is obviously central to a risk assessment, this procedure also facilitates:
- The creation of a draft fraud prevention policy for future use
- A thorough employee assessment
- The production of a report for all possible measures to be implemented to prevent fraud
- The analysis of purchase and billing systems
- The assessment of potential cheque tampering
- The identification of any theft of equipment and inventory
A comprehensive overhaul of a company’s fraud prevention is often just what an organisation needs to break longstanding learned behaviours from employee to employee. What we have found during the course of our work is that inappropriate patterns of behaviour exhibited by management are often learnt and copied by those beneath them. The thought is “Well, my boss is doing it…”
Even if the review being conducted doesn’t catch the employees involved in fraud “in the act”, what it does is dismantle an environment of acceptance to the existence of fraud in the workplace. If employees know that the powers that be are focusing on the problem, this is usually enough to stop it in its tracks.
If you feel that your organisation might be vulnerable to or is the subject of fraudulent activity, then we would love to talk to you and discuss how we can help. You can call us on 0161 4137958 or visit our website www.rmiaccountancy.com. Our friendly team of forensic accountants are on hand to help you with any queries you might have.
RMI Accountancy – allowing our media clients to save money by implementing a suitable fraud prevent program.
Can you afford not to address the problem? The truth is, no one can.