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Preventing Fraud: 12 Recommendations for People, Processes & Technology

  Michael K. Menerey, Partner, CFO Edge, LLC  
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  Article Summary  
Many Los Angeles and Southern California executives may believe fraud and embezzlement are not likely to happen in their companies because they have trustworthy employees.

The facts point in the opposite direction: fraud and embezzlement are often committed by trusted, long-term employees, and misappropriation of assets is responsible for most fraud activity. Small businesses are more vulnerable because it’s difficult to establish checks and balances with smaller staffs.

Reviewed are twelve concrete recommendations to prevent fraud - four each in the areas of people, processes and technology.

An experienced, objective and independent advisor like a CFO services provider can identify risk factors and then recommend and implement best-practice processes and controls to help reduce the risk of losses through fraud and embezzlement.

Our related article looks at how analytics can be used to prevent fraud losses:

Prevent & Detect Fraud Before It's Too Late

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