Whistleblower Security offers Not for Profit Companies Seamless Services
The Association of Certified Fraud Examiner’s findings indicate fraud often occurs for up to 18 months without being detected. A recent PriceWaterhouseCoopers survey indicates that insufficient internal controls is one of the top three reasons for committing fraud. When an employee or volunteer realizes there are loopholes to exploit, in some cases it’s an opportunity too tempting to resist. Fraud can erode up to roughly 6% of an organization’s revenues.
13.4 percent of the cases studied by the ACFE for its 2002 Report to the Nation: Occupational Fraud and Abuse involved non-profit organizations. While the average amount lost to fraud in the typical non-profit is less than in the for-profit world, the damage can be even more pervasive.
It is imperative that Not-For Profits implement basic due diligence processes such as the following:
Establish Internal Controls
Implement a formal code of conduct
Develop an appropriate expense policy
Provide fraud training for staff
Use unique passwords for each individual employee
Conduct random audits on business accounts
Implement a third party whistleblower hotline
Whistleblower Security can assist non-profits in ensuring a culture of integrity and transparency thereby protecting your reputation and ultimately your organization.
