PRECCA Section 34A Decoded: The Case For Dedicated Anti-fraud Programmes

Fraud and corruption levels have reached alarming levels in South Africa. No industry is immune to the scourge of fraud and corruption. In some sectors fraud and corruption pose significant threats to business integrity and sustainability. As we mark International Fraud Awareness Week (16 – 22 November ), we felt it fitting to highlight the benefits that companies derive from having a dedicated anti-fraud & anti-corruption compliance programme.

Preventing fraud and corruption makes good business sense. Almost many organisations face the risk of dishonest employees exploiting trust and opportunities to these acts. In many cases, companies place blind trust in employees rather than enforcing robust governance and controls. This often results in undetected fraud and corruption, causing significant financial losses. When it comes to fraud and corruption, prevention is most certainly a lot less expensive, and significantly better than cure.