Most common fraud risk factors
Beware of the most common fraud risk factors for your business. These might include:
- Large amounts of cash in hand
- Small inventory with a high cash value
- Easily convertible assets (eg. tools, vehicles)
- Lack of separation of employee duties
- Employee awareness of future redundancies
- Disgruntled employees with access to significant assets
- Poor physical safeguards over cash and other assets
- Untimely and poorly organised documentation for transactions
- Lack of mandatory holiday for employees performing key control functions
- Missing or unexplained documents
- Inappropriate supervision - such as remote locations.