Tackling Workplace Fraud – Where Does Your Company Stand?

Take the workplace fraud quiz to find and plug the holes in your company’s anti-fraud program

Posted by Dawn Lomer in Ethics & Compliance, Fraud on August 1st, 2011

With the average company losing five per cent of revenue every year to workplace fraud, it’s not surprising that it’s considered among the most pervasive and expensive problems organizations face today. But aside from the financial losses, fraud also damages employee morale and a company’s reputation.

Shareholders, stakeholders and customers are aware of the damage that fraud can do to an organization, and their continued confidence is key to the success of your business.

Workplace Fraud Quiz

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Established methods to prevent, detect and eliminate fraud are documented and available. You know how it’s done, but are you doing it? Take the quiz below to see where your company stands in tackling workplace fraud

  • Do you have different people responsible for producing and signing cheques as well as for receiving and paying invoices?
  • Do you have a strong anti-fraud policy that is communicated from the top level of the organization?
  • Do you have clear guidelines outlined what constitutes fraud in the organization?
  • Does your company discipline employees for small thefts, such as supplies and consumables?
  • Do you have an audit committee?
  • Do you have regular independent audits of the company’s financial records?
  • Do you have unscheduled, or surprise, audits of the company’s financial records?
  • Do you have procedures in place for investigating fraud when it is found?
  • Do you check employment, education history, credit history and do a criminal background check for every job applicant before making a job offer?
  • Do you have an anonymous mechanism for employees to report misconduct?
  • Do you read about workplace fraud schemes and keep up-to-date on the latest methods employees use to defraud their employers?
  • Do you provide anti-fraud training to employees on a regular basis?
  • Do you discipline or counsel employees for small acts of misconduct, such as conducting outside business during work hours, or small abuses of the company’s expenses reimbursement policy?
  • Do you look for examples of deviant behaviors among staff and monitor those who exhibit these behaviors?

If you answered no to any of these questions, there may be a hole in your anti-fraud program. You can find more information on improving your anti-fraud policies in the blog posts below.

Walk the Walk: Preventing Workplace Fraud Starts at the Top

Where There’s Smoke, There’s Fire: Extinguishing Workplace Fraud

Reducing the Opportunity for Workplace Fraud

Workplace Theft & Fraud Prevention Tips Part 1

Do All Workplace Fraud Investigations Lead to Porn?


Dawn Lomer
Dawn Lomer

Managing Editor

Dawn Lomer is the managing editor at i-Sight Software and a Certified Fraud Examiner (CFE). She writes about topics related to workplace investigations, ethics and compliance, data security and e-discovery, and hosts i-Sight webinars.