Protect Your Business from Corporate Fraud

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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.

Business from Corporate Fraud

  • 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.

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James is a financial expert who has contributed several business and finance related articles. His expertise and first-hand knowledge of economics makes his blogs and articles informative and helpful for those looking out for guidance and assistance in matters related to finance.

He has an active schedule of TV and radio interviews

He is co-host of the popular VT Radio show Jim and Gordie Show.

latest-articles-buttonJim comes from an old military family dating back to the American Revolution. Dozens of Confederate ancestors fought for the South in the War Between the States. Uncles fought in WWII and Korea. His father was a WWII P-40 and later P-51 Mustang fighter pilot. Vietnam found several uncles serving, a cousin, and brother Wendell as a young Ranger officer. His mother was a WWII widow at 16, her first husband killed with all 580 aboard when the SS Paul Hamilton, an ammunition ship with 7000 tons of explosives aboard, was torpedoed off the coast of Algiers.

He has been writing, speaking and doing public relations, television, consulting and now multimedia work for a variety of American heritage, historical, military, veterans and Intel platforms. Jim’s only film appearance was in the PBS Looking for Lincoln documentary with Prof. Henry Lewis Gates, and he has guest lectured at the Army Command and General Staff School at Fort Gordon.

Currently he is working to take his extensive historical video archives on line to assist his affiliated organizations with their website multimedia efforts, such as the Military Order of World Wars, Atlanta, Sons of the American Revolution, Sons of Confederate Veterans , Assoc. for Intelligence Officers, the Navy League, Georgia Heritage Council, National Memorial Assoc.of Georgia.

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