Valley First

Fraud - Employee Management

Protecting your small business from fraud—Employee Management

Kevin Haarhoff—Corporate Security Investigator

Fraud. It’s something that small business owners rarely think about until they are faced with the aftermath of becoming a victim, but it doesn’t have to be this way. Every business, regardless of size, can and should take a proactive approach to protecting themselves and their operations from fraud.

Employee Management
A 2011 survey by the Certified General Accounts Association of Canada reported that employee fraud costs small businesses $800 million annually, most of which is theft of inventory, assets, cash and company documents. To protect from employee related fraud, small businesses should:

  • Screen job applicants by checking references and finding out as much as possible about potential employees.
  • Hire experienced and qualified employees – especially for critical accounting positions.
  • Require dual custody for sensitive documents and items.
  • Make vacations a requirement as employee fraud is often discovered when the vacationing employee is away, because he or she is not around to maintain the fraud.
  • Have written company policies that clearly outline the expectations you have of employees.

Kevin Haarhoff is an Investigator in the Corporate Security Department for Valley First. He holds a degree in Criminal Justice from the University of the Fraser Valley and a Forensic Investigation—Economic Crime certificate from BCIT

 

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