Theft / Fraud
Theft and fraud are a fact of commercial life. The damage suffered by New Zealand businesses from internal theft and fraud is often the difference between a business being successful and just surviving, or even being forced from the market.
Not if, but when, the situation arises you will need to take action to ensure the financial integrity of your organisation. The research is clear, upon discovery or suspicions of fraud, your organisation must take swift, affirmative action to minimise loss, deter others and maintain the confidence of stakeholders in your organisation.
The story should not end with apprehension or dismissal of an offender; The 2008/2009 Kroll Global Fraud Report made the following observation;
"Fraud investigation is about more than finding the perpetrator and recovering the funds. The knowledge that the investigation yields has real long-term value, and can be used to prevent further wrongdoing."
- The most costly impact of fraud occurs in businesses with less than 100 employees (Certified Fraud Examiners Association USA).
- The United States Justice Department estimates that insider theft is growing by 15% per annum.
- A survey conducted in 2004 by KPMG in Australia and New Zealand recorded:
"45% of respondents experienced at least one fraud in the survey period".
Of note, this is fraud that had been identified by the survey and does not include undetected offending. The offenders of dishonest acts against their employers are often the most trusted and/or longest serving.
Irrespective of how robust your systems are, they are only as effective as the staff that audit or police them. As technology changes, systems need to be upgraded to maintain an anti-dishonesty culture within your business.
Zavést will not only assist identifying and resolving a particular issue, but help you turn a problem into an opportunity, mitigating your exposure to theft/fraud risks and providing your operations with an avenue in which to improve your business.
© Zavest licensed professional investigators & Iveu communications
Christchurch, New Zealand
