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Loss Prevention Policies - Assignment Example

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Loss Prevention Policies [Insert Name] [Insert Unit and Course Name] [Insert Professor Name] [Insert Institution] [Insert Date] Loss Prevention Policies Abstract Fraud can be reduced or minimized through a comprehensive fraud prevention program that uses technology and forensics to track financial transactions…
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Download file to see previous pages A fraud hotline will greatly enhance the system by allowing for anonymous reporting. Introduction Modern organizations are faced by an ever-increasing threat of fraud, both internally and externally. Fraud continues to increase alarmingly with each passing moment recording a new or even more sophisticated form of fraud. The situation is made worse by an increasing adoption of information technology that networks and connects the information infrastructure in businesses. Hard economic times are also tempting employees to engage in fraud. This paper will review the benefits of a comprehensive fraud control program and give a conclusion at the end. Literature review Question One A Fraud is a big problem even for large established global corporations; consider the case of dell Computer Corporation. In 2007, it had to redo its financial reports between 2003 and 2006 due to a deliberate manipulation of figures to meet quarterly budgetary targets. John Rigas, former chairman and founder of Adelphi Communications and his son Timothy who served as the CFO (Chief financial Officer) at Delphi were convicted for massive fraud in 2007 (Stanek, 2007). This illustrates the extent of fraud in organizations where even the senior leaders who are supposed to be role models actually initiate and commit heinous acts of corporate fraud. However, a comprehensive fraud monitoring system can come in handy to help detect and therefore help an organization reduce its risk to fraud. Comprehensive fraud monitoring involves the use of technology that incorporates forensic techniques to analyze data and information paths regularly to detect anomalies, to detect fraudulent acts while there is still time to stop or mitigate the fraud. An effective fraud monitoring system is difficult to achieve by using the existing requirements and regulations necessitating the need for a comprehensive fraud monitoring system especially where senior management can be involved in fraud. A comprehensive fraud monitoring system continuously and constantly monitors happenings in a company’s financial system tracing the movement of cash, which can be used to trace back or detect potential fraud. A comprehensive system for fraud monitoring leverages the use of sophisticated methods of statistical analyses to thoroughly scrutinize a firms’ financial and other activity for acts of fraud, errors of omission and commission and misuse of the firm’s resources. It automated the process of analyzing a company’s financial data and information (Stanek, 2007). An automated system reduces direct human involvement and further helps shield the system from manipulation as well as improves the operations of the organization making them even more efficient (Schaeffer, 2008). An automated system also lowers the cost of hiring manpower that will be involved in the monitoring and auditing the financial and asset monitoring systems of a company. One B A comprehensive fraud monitoring system will benefit the firm in numerous ways as discussed below; The assets of this organization will be protected and safeguarded against arbitrary misuse and even theft by staff; physical assets as well as non physical assets such as intellectual assets. The system limits access to sensitive information to data that can be sold by an insider to competitors for instance. Access to financial resources and money is also controlled further increasing data security. It will also help reduce the chances of fraud by detecting ...Download file to see next pagesRead More
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