The Association of Certified Fraud Examiners reports that 40% of occupational fraud schemes are detected by a tip, often from an employee. In fact, having a tip hotline is the most-effective method to detect occupational fraud. Companies that have an effective tip hotline reduced the loss of the fraud scheme by 41%, and they detected the schemes 50% more quickly than by using any other method. If your organization can only invest in one tool to detect internal fraud, then spend your money wisely and invest in an effective tip hotline.
Call Clarium Fraud & Compliance Solutions at 780-719-0016 or use the contact form on this page if you require a whistleblower program or are concerned about whistleblower protection in your company.
In its 2014 Report to the Nations survey, the Association of Certified Fraud Examiners (ACFE) reported its research findings on the frequency, median loss, and detection methods of occupational fraud. The findings were drawn from an ACFE survey of victims of occupational fraud. If you are a private business, you need to be aware of these figures, which may already be affecting your bottom line.
You need a tip line because your firm is vulnerable to occupational fraud. You should assume that it is happening inside your company right now. Your employees, your vendors, even your competitors might very well be aware of activities inside your company that are raising red flags of concern. Listen to them.
You need to provide these potential tipsters and whistleblowers with an effective and efficient mechanism to report their suspicions to you. Being a whistleblower is not without its risks, and you also need to protect your tipsters from reprisals.
Your program needs to be trustworthy and credible. The tipsters and the fraudsters need to see that your company takes whistle blowing seriously. They need to see a robust response, and the tone needs to be sent from the top level of your organization. Your employees need to trust your program and the quality of the investigation. Clarium Fraud and Compliance Solutions can help you.
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Having an effective tip line for whistleblowers is a resource multiplier for your company. It will increase the odds that a fraud scheme will be detected, lower the loss you incur, and even act as a deterrent to those employees who would steal from you.
Contact Clarium Fraud & Compliance Solutions today to discuss your whistleblower program and protection needs.