When asked, many business owners will flat out deny that fraud could be happening in their organization. Their denial is usually based on the belief that appropriate controls are in place or that every employee is loyal and trustworthy. Sadly there are many examples where controls and loyalty are absent and the result can be catastrophic.
Estimates show that close to $3 billion is lost by Canadian businesses annually through various types of corporate fraud. Even a small portion of that loss can have a significant impact on a company’s profitability, and hence its growth, not to mention its reputation. It is therefore vital for businesses to recognize the threat of fraud and take action to address it. But how? What are the steps to implementing a robust fraud prevention program? How does a company identify risks and implement policies to address them, including ensuring its employees abide by those policies?
At BES: Corporate Fraud, Business in Vancouver’s panel of experts will take you through the common warning signs of corporate fraud and what can be done to protect your business from external and internal threats.
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