Fraud Prevention in a Bad Economy

Recently the Kansas City Business Journal reported on an intriguing study about the importance of corporate image. In light of heightened concern about ethical standards and conduct in the business and professional world, Fleishman Hillard, a public relations firm, and the World Economic Forum, surveyed 132 delegates about corporate reputation. Seventy-seven percent of the business leaders responded corporate reputation – its need to maintain a strong, positive image – has become more important recently. This increased focus on reputation has stimulated a renewed interest in integrity. Whether we realize it or not, we all have a code of ethics we live by; unfortunately, many have no strong moral foundation. Any risk assessment and advice on loss prevention should cover the following aspects and each area should be unpacked to understand the actual risk the organization faces, the strengths or weaknesses in the existing system and then recommendations on how to manage risk going forward: physical security; people security – including employees and third-party employees; the security of systems and procedures; technology; and the management of security.

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