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Four red flags that finance and procurement managers must watch out for.
A survey conducted by Ernst and Young shows that fraud poses a serious risk to the growth of your business. Unfortunately, most business owners only realize this when it’s too late. They believe that implementing fraud prevention measures such as conducting thorough background checks on new employees, checks and balances on payments to vendors or even rotating duties of employees in procurement, etc, would be enough to prevent fraud. But alas, they’re always proven wrong.
“There are three things in the world that deserve no mercy: hypocrisy, fraud, and tyranny.” Frederick William Robertson
What makes a good person commit fraud?
Most of us are brought up in good environments with a decent measure of morality etched within us. But have you ever thought that one day you might land in an unusual situation where your bills are more than your income and you are faced with a decision between doing the right thing or lowering your moral standards for just a moment and committing fraud to make ends meet?