As is often true, an ounce of prevention really is worth a pound of cure. Devising ways to deter fraud in all its forms will go a long way toward mitigating your risks.
- Hire Right, But Don't Stop There! -- Sensible personnel policies, hiring procedures, reference and background checking are essential. Formal written policies and procedures, promulgated to all employees, updated often, and consistently enforced will go a long way toward minimizing problems.
- Defensive Detection & Documentation -- The weapons of fraud detection range from strict internal controls and cutting edge software to an auditor's sixth sense.
- Disaster Planning & Damage Control -- Like the Boy Scouts always say: Be prepared! Prepare for the worst and hope for the best.