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CASH RISK ASSESSMENT. Overview. Fraud Common in Workplaces. Occupational fraud is the use of ones occupation for personal enrichment through misuse of the employing organizations resources. Nearly 75% of all companies from around the world suffer from fraud

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Fraud Common in Workplaces

  • Occupational fraud is the use of ones occupation for personal enrichment through misuse of the employing organizations resources.

    • Nearly 75% of all companies from around the world suffer from fraud

    • 85% of the worst frauds reported were committed by company employees

    • Small business suffer higher fraud losses than large organizations

Cash Risk Assessment


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Cash fraud is more common

  • Fraudsters most often target currency, check and money order

  • * Data from ACFE Report to the Nation on Occupational Fraud & Abuse

Cash Risk Assessment


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Skimming

Cash Risk Assessment

  • Scheme in which cash is stolen before it is recorded on the organization’s books and records.

    • Employee accepts payment from a customer but does not record the sale


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Cash Larceny

Cash Risk Assessment

  • Scheme in which cash is stolen from an organization after it has been recorded on the organization’s books and records.

    • Employee steals from daily receipts before they can be deposited in bank


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Billing

Cash Risk Assessment

  • Scheme in which a person steals his/her employer to issue payment by submitting invoices for fictitious goods/services, inflated invoices or invoices for personal purchases.

    • Employee purchases personal items, submits invoice for payment.


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Reimbursements

Cash Risk Assessment

  • Scheme in which an employee makes a claim for reimbursement of fictitious or inflated business expenses.

    • Employee files fraudulent expense report, claiming personal travel, nonexistent meals, etc.,


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Check Tampering

Cash Risk Assessment

  • Scheme in which a person steals his/her employer’s funds by forging/altering a check on one of the organization’s back account, or steals a check the organization has issued to another payee.

    • Employee steals blank checks, makes them out to himself/an accomplice.


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Payroll

Cash Risk Assessment

  • Scheme in which an employee causes his/her employer to issue a payment by making false claims for compensation.

    • Employee claims over-time for un-worked hours

    • Employee adds ghost employees to the payroll


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Wire Transfers

Cash Risk Assessment

  • Scheme in which a person steals his/her employer’s funds by fraudulently wire transferring them out of the employer’s bank accounts.

    • Employee causes funds to be wired from company bank accounts to an account controlled by employee or accomplice


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Disbursements

Cash Risk Assessment

  • Scheme in which an Employee makes false entries on a cash register to conceal the fraudulent removal of cash.

    • Employee fraudulently voids a sale on his cash register and steals the cash.


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When fraud happens

Cash Risk Assessment


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How fraud is detected

Cash Risk Assessment


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Our Approach

Cash Risk Assessment


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“STALL” Approach - Structure

Cash Risk Assessment


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“STALL” Approach - Train

Cash Risk Assessment


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“STALL” Approach - Assess

Cash Risk Assessment


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Risk Assessment Report

Cash Risk Assessment


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Risk Assessment Model

Cash Risk Assessment


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Risk Assessment Report

Cash Risk Assessment


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“STALL” Approach – Learn

Cash Risk Assessment


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“STALL” Approach – Listen

Cash Risk Assessment


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Our Service

Cash Risk Assessment


Get in touch today phone 044 28362531 32 33 email lionel@verveindia com web http www verveindia com l.jpg
Get in touch today: Phone: (044) 28362531 / 32 / 33Email : [email protected] : http://www.verveindia.com


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