Setting up AML/fraud emergency plan procedures
May 30, 2016
TOP TIPS: Preventing employee fraud
Small-to medium-sized businesses in Asia often claim they have limited resources to set up policies that reduce employee fraud. CT asks Colum Bancroft (pictured), managing director at Kroll Advisory Solutions to provide a few simple tips that can help prevent it.
De-centralise the accounting function: Don’t have too much authority in a single role, and restrict access to sensitive materials. The accounting function needs to have a clear segregation of duties. For example, the people who maintain and reconcile the accounting records should not be the custodian of the cheque books. Many corporations have the bank reconciliation performed by somebody outside the accounting function, or at least for the bank reconciliation to be subject to review and verification by somebody outside of the accounting function.
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