Ten Early Warning Signs of Fraud in Organizations - Slide 9

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Good non-execs provide a considered, independent and external perspective. Often they bring in specific expertise from outside the board’s immediate experience and their skills can vary from financial knowledge through to IT. When their comfort factor “goes south” or when they have a “bee in the bonnet” about something that does not add up or make sense, they often have good reason to worry. So must you.

ACTION: It is always good for the business to maintain a fresh supply of new thinking, new approaches and new concerns. Thus if non-execs have concerns about particular issues, one should fund their thinking by allowing them to bring in the appropriate specialist experts who can investigate matters more deeply.

Anti-fraud consultancy UKFraud.co.uk has published a list of 10 common early warning signs that could alert management that fraud may be occurring in their organization. The list draws upon UKFRAUD.co.uk’s substantial experience across an international client base, ranging from major financial institutions, public sector bodies and corporations to SMEs and non-profit making organizations. The list works on the assumption that whatever tools they use, be it IT-based cons and false accounting or other traditional scams, the warning signs are often the same. As UKFraud.co.uk believes that awareness of the signs and a sound approach to countering them can often deter many opportunistic incidents of fraud, it has published the list to help executives benchmark their own operations. Suggested actions that can be taken to counter the risk of fraud are given following each sign.

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