The Housing Internal Audit Forum has recently reported that:
"Fraud is on the increase as the recession bites."
It's a sad fact that registered providers are not immune to
employee fraud, especially in light of the current financial
pressures. This is not only because the incidence of fraud is
increasing but also when it does occur, boards, bankers and other
stakeholders want to know what precautions the directors had taken
to prevent or limit the damage. Ignorance of fraud is no defence;
it is now recognised as a business risk to be managed in the same
way as any other business or financial risk.
So what practical steps can we take to reduce the threat of
employee fraud? When fraud happens, how can we mitigate the loss
and bolster the confidence of the board of trustees that the CEO is
still in control?
