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How is your association handling fraud? You can determine which fraud prevention areas your association should work on by asking critical questions.

 

Does your association:

  • Consider fraud a business risk and periodically identify the fraud risks to which it is exposed?
  • Have a strategy for the prevention, detection, investigation, and prosecution of fraud?
  • Fraud Policies and Fraud Response Plans cost very little to develop and communicate, but can make a strong statement about the Association’s stance against fraud
  • Have a designated individual(s) who maintains ownership for managing the risk of fraud?
  • Promote anti-fraud programs as the responsibility of everyone in the Association?
  • Does the Association have and effectively communicate a zero tolerance policy for fraud?
  • Provide fraud prevention and detection education for its employees?
  • Do employees understand what the Association considers to be a fraudulent act?
  • Do employees understand the true costs of fraud?
  • Do employees know where to report suspicions of fraud?
  • Monitor aggressively for fraudulent conduct and evaluate the strategy periodically?
  • Are reviews/surprise audits conducted?
  • Is there a policy for mandatory vacations?
  • Have a plan of action in the event fraud is detected?