Now and then businesses or people are hesitant to report that they’ve been victimized by money-related crimes, or they report them too late to recover the lost money. There are a few ways businesses can secure themselves.
Require more than one individual to sign checks. Establish a standard budgetary reporting framework for the board of directors.
It can be month to month or quarterly. Make sure independent audits are conducted, at least annually.
Perform background checks on individuals you hire. Obtain errors and exclusions insurance, which covers all officers of the company or nonprofit, and any workers who have access to accounts.
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