Tips for Managing Internal Fraud in a Business

The perpetration of internal fraud, that is a fraud committed against a business by one of its employees or officers, can have significant ramifications for a business and its stakeholders that extend far beyond its immediate bottom line. Legal obligations on a company and its directors may arise, workplace morale may be impacted, and long-term reputational damage may occur just to name a few possible consequences. Internal fraud most commonly involves theft or misuse of assets, through stealing, fraudulent payments or embezzlement. However, it can also involve the misuse of confidential information and intellectual property. In carrying out such fraud, employees or officers may have also engaged in acts of bribery, conflict of interest or extortion. In light of these risks, it is imperative that businesses not only minimise the opportunities for internal fraud, but have a well-researched and proactive response plan in place to manage suspicions or allegations of fraud.

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