How Vulnerable is your business to fraud Risk?
Do you know what fraud is? Fraud can be theft, misuse of company property, misuse of sick leave or stealing money. In fact it can be any unethical or questionable activity that can result in a financial loss to your business. It doesn’t have to be a big loss, it may be a small or many small losses over a period of time.
Global studies have shown that all businesses big or small are impacted by fraud. According to research undertaken at least 5% of annual business revenue is lost due to fraudulent activity within business operations. (95%)
Whilst the level of fraud can vary, often businesses do not see the signs in time and only realise something is wrong when the business cashflow starts to be negatively impacted, or they may never realise there is a loss. More often than not, by the time fraudulent activity is detected the loss and negative impact to the business is so great that the chances of recovery are minimal.
Identifying and stopping any loss through fraud is affordable and does not have to be complex or difficult. Nor does it have to take up a lot of your valuable time. You can take actions that are easy to implement and very simple that will start to protect your business straight away.
All businesses are vulnerable to fraud the only difference is the level of vulnerability. Contrary to popular belief that fraud is only a threat to big businesses, research has found that the smaller the business operations the greater the vulnerability.
If you are curious about your businesses vulnerability to fraud, answer our quick questionnaire below.