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Latest Tips on Fraud Mitigation from Based on Survey Responses of Local New York Executives shares tips on fraud mitigation practices based on survey responses of corporate executives in New York City.


Long Island, NY -- (SBWIRE) -- 03/20/2013 -- Popular news and technology blog shares the findings of a survey of corporate executives in New York City, which sought to determine the best practices with respect to mitigating fraud risk in the corporate environment. The results of the survey have been compiled into a tip sheet shared by

1) Thorough Background Investigations: Investigative practices, like pre-employment background research, can help organizations mitigate fraud risk by uncovering potential issues regarding prospective employees. This recommendation extends to corporate investigations, since it’s one of the most effective ways to find out whether a potential business partner is legitimate or not.

2) Controlling Access to Key Information: Misplaced paper files and poor restrictions with respect to access to digital files continue to damage organizations even in this day and age. Knowing exactly where all documentation is (or should be), as well as who is responsible for it, and who has access is vital to avoid key information leakage to unauthorized parties.

3) Implement Formalized Business Intelligence Practices: As an increasingly important practice when transforming unstructured data into valuable information, organized business intelligence processes prevent an accumulation of information that is effectively useless by making that information available in real time on demand and immediately actionable. Structured data that is actionable can be efficiently delivered to the right people and help companies make informed decisions and successfully assess fraud risk.

4) Training Programs: Employees who are unaware of the proper method for completing a task can often cause damaging information leaks. Very specific boundaries and guidelines for employees are crucial when dealing with confidential information. Even well intentioned employees may open up windows of opportunity for potential fraudsters within an organization by not following appropriate practices. Continuous training and re-enforcement of established processes is critical to mitigating fraud.

5) Utilizing Third Party Professionals When Needed: When an irregular situation arises, it’s best to hire professionals. If there is evidence of fraud or if fraud is suspected for some reason within an organization, it may warrant the assistance of a professional investigative service agency. In the unfortunate event that fraud within an organization results in litigation, it is also wise to consider engaging the services of litigation support professionals to assist in designing and implementing a customized investigative plan and legal strategy for the company.

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