1. Create a positive workplace culture
In a positive and ethical culture, fraud will have little place to sprout and grow. Some of the elements to consider include:
- Transparency, open communication and an emphasis on good relationships.
- Clarity around workplace structure and job responsibilities.
- Regular training and development for staff.
- Zero tolerance for fraud and dishonesty.
- A Code of conduct that everyone signs.
- Clear policies and procedures manuals.
- Appropriately rewarding employees and treating them fairly.
2. Workplace security
3. Separation of duties and strong controls
4. Good recruitment practices
5. Monitoring and surveillance
Other examples of good surveillance include regular internal audits and annual independent external audits, and strong staff supervision that involves checking for errors and approving transactions.
6. Fraud awareness training and reporting
At Wise, we understand the need for organisations to have robust fraud prevention strategies in place, and we offer a whistleblower hotline service to help enable the reporting of suspected fraud. Get in touch if you’d like to know more.