With white-collar crime on the rise in Birmingham, the fines being administered for corporate fraud have risen dramatically in the last few months. The policies revealed by the Serious Fraud Office in the UK are strengthening the penalties so that labour throughout the UK can operate without the losses now impacting businesses. Companies are going to be held more responsible for fraud committed by their employees, so the policies and procedures that you put in place now can work to save you money, time, and effort in the future. Let’s look at some steps that you can take to protect your business from corporate fraud here in the UK.
- Set the proper tone for security from the leadership of your organisation down. If employees suspect that executives are not operating from a mantra of honesty and integrity, they may follow suit and not observe the policies and procedures that you have in place.
- Have a policy in place that keeps the duties of accounting and handling cash separated. This keeps those who tally accounts and present reports to the executive team honest in their approach to financial obligations.
- Set in place procedures for controlling and maintaining your company’s inventory. You should have a direct list of access so that if things start disappearing and showing up at boot sales around Birmingham, you or a team of forensic accountants will be able to track down who took the inventory, when and how they took it, and how much they have taken in the past few months.
- You should require more than one signature on documentation for transactions. You should set the amount, inform the employees, and provide some training to cover the details of the policy so that there will be no misunderstandings. You don’t want your employees using corporate funds in Bullring or the Pallasades Shopping Centre for personal items.
- If you discover employee fraud, you should respond immediately and with great force to send a message to others that theft or fraud will not be tolerated in your organisation. By interacting with your staff, you can determine their level of job satisfaction and invite them to offer suggestions for improvement in the way things are done in your company. Employees who love their jobs usually feel loyalty to your company and will do everything within their power to protect your assets.
- If you suspect that fraud or theft is occurring in your organisation, you may want to hire a team of forensic accounts in Birmingham to help you locate the problem and implement a solution. You will also want to put new measures in place to prevent future fraud and theft from occurring. This team of professionals will be highly trained and capable of helping you to discover what is taking place and who is guilty of being dishonest. It will certainly be worth the price you pay for such exceptional talent and skills.
Taking some measures to protect your company from fraud can provide you with peace of mind and confidence in the decisions that you make regularly within your company.