Speed of response is critical in the face of fraud, bribery, corruption or other types of financial crime. Being able to quickly establish the facts will help you put a robust plan in place to recover lost assets. Moving swiftly can also help you manage any damage to your reputation.
There are a range of urgent steps to consider if you suspect financial fraud has taken place:
Form an initial hypothesis of what happened to understand the scale of the suspected fraud, and its impact on the business. This will help guide further action and the resources that should be provided to investigate and resolve the suspected fraud.
Prevent further harm, including securing access to the business’ systems and controls. You should also alert your banks about possible fraudulent payments and insurers of possible claims. It’s important to ensure that your people are supported too, through what will be a difficult time for the business.
Secure evidence. This needs to be done by an expert to ensure any evidence isn’t tampered with or destroyed. A financial fraud investigator can also ensure you retain the integrity of the evidence so it can be useful and admissible in any subsequent legal or employment action.
Bring in fraud and financial crime experts to guide you through your next actions.