The Benefits of Considering Fraud Risk in Your Business:
If you do not proactively identify and manage your fraud risks, they could put you out of business almost overnight. Even if you survive a major fraud, it can damage your reputation so badly that you can no longer succeed independently.
Reviewing your fraud risks can pinpoint opportunities to save you money. Fraud is an expensive drain on business’s financial resources. In today’s competitive environment, no one can afford to throw away the five percent of revenues that represents the largely hidden cost of fraud. Those businesses that have identified their most significant fraud costs (such as insurance and credit card companies) have made great strides in attacking and reducing those costs. If your business is not identifying and tackling its fraud costs, it is vulnerable to competitors who lower their costs by doing so.
Fraud is a common risk that should not be ignored. Fraud is now so common that its occurrence is no longer remarkable, only its scale. Any business that fails to protect itself appropriately faces increased vulnerability to fraud.
Completing a fraud risk review is the least expensive way to find out your company’s vulnerability to fraud. Most businesses score very poorly in initial fraud prevention reviews because they don’t have appropriate anti-fraud controls in place. By finding this out early, they have a chance to fix the problem before becoming a victim of a major fraud. It’s like finding out you have seriously high blood pressure. It may be bad news, but not finding out can be a lot worse.
It is a great opportunity for your business to establish a relationship with a Fraud Investigator you can call on when fraud questions arise. RSD Chartered Accountants are experts in detecting fraud and helping businesses prevent it in the future.
Strong fraud prevention processes help increase the confidence investors, regulators, audit committee members and the general public have in the integrity of your company’s financial reports. This could help to attract and retain capital.
Having your fraud risks reviewed also helps build a stronger ethical culture with all staff.
Lvl 2, 10-16 Forest St
Bendigo, Victoria, 3550
Phone: (03) 5445 4200
Powered by Objectify Infusion