COVID-19 has forced us to look at “the office” differently. Likely, you’ve taken the steps to transition your team to a remote work environment, but often the traditional internal control systems you’ve built don’t translate well once your team members are disbursed. Perhaps you’ve quickly implemented a new control, or maybe even become a bit lax and let those controls go by the wayside.
We get it! You have to keep your organization moving forward. However, the unfortunate reality is the risk of fraud increases during times of financial pressure. The American Institute of Certified Fraud Examiners predicts fraud to rise to an unprecedented level over the next several months as organizations face very difficult decisions and employees feel more uncertainty about the future economic landscape. The American Institute of Certified Fraud Examiners also reports that small businesses are hit particularly hard by fraud, with an average loss of $1.1 million and a median loss of $150,000 per case.
What if there were some proactive steps you could take to improve your ability to monitor from afar? The team at Anderson ZurMuehlen & Co. P.C. can help you infuse data analytics and artificial intelligence tools into your operations which would allow you to identify potentially high-risk transactions or unusual trends and take action in real-time — all without creating yet another spreadsheet or report.
Organizations that have fraud prevention programs in place are less likely to experience fraud and more likely to detect it in a shorter period of time than those who don’t. However, your plate is full just handling the day-to-day operations of your organization. AZ has assembled a team of Certified Fraud Examiners, seasoned auditors, data analytics professionals, and technology experts to assist you with implementing the types of tools you need to help mitigate these risks without adding tasks to your already full to-do list.
Contact us for more information!