When companies in New York start looking for new personnel to add to their pool of talent, their focus is often on the competencies those individuals can bring to the table. They look at their strengths, their previous work history and the results of their performance at past places of employment. Another critical characteristic they should be looking for is integrity. Without it, any company is at significant risk of experiencing circumstances that could ultimately lead to its downfall.
According to scienceofpeople.com, an alarming 3.7 trillion dollars is estimated to be lost each year due to fraud. While this number reflects a global result, it is still alarming in that fraud is prevalent everywhere and costs an average business nearly 5% of its revenue. Preventing fraudulent activity begins with corporate leaders and their implementation of protocols that should be actively taught to employees and enforced down the chain of management. When infiltrated from the core of an organization’s processes, companies can be much more prepared to prevent fraud and to circumvent suspicious behavior before it turns costly.
AccountingTools suggests that adequate safeguarding procedures should be used in the protection of sensitive information. Documentation of expenditures and what various funds were used for should also be carefully recorded to provide a foolproof record that can help identify funds that have been misused or stolen. Another suggestion is that businesses put enough resources into supporting and encouraging their employees and creating an environment that is pleasant to work in. Studies have shown that satisfied employees are much less likely to become involved in fraudulent activity.