Benefits of fraud prevention and detection
It answers a lot of the questions your business should already have answers to, including:
- Where fraud is likely to occur in your business – and the different areas where fraud can occur as well as the types of fraud you’re at risk for.
- Assessing the high priorities and how fraud could impact your business. That can include quantifying the risk for fraud, exposure to the organization, indicators of fraud and establishing an excellent risk-assessment to help you determine where you need to focus prevention efforts.
- Determining if employees or suppliers know that you are on the lookout for fraud. When employees and vendors know you have strict fraud monitoring in place, it can actually deter future fraudulent activities – because individuals know there is a high risk for being caught.
- How management is alerted if fraudulent activities are suspected – the faster management is made aware of a potential issue the better.
- Determining if there is a process in place to fix any fraudulent preventative measures that may be broken.