$30.4 million is the total value of fraud reported by Canadian business according to the Canadian Anti-Fraud Centre in 2017. In the United States, the National Retail Federation reports that shrink cost responding retailers about 1.33% of sales, on average, in 2017.
The Investigators Group has helped many small and large companies through fraud investigations and I have seen first-hand how fraud can be harmful to a company’s reputation and brand. Engaging in a fraud investigation is difficult and can erode the trust and morale of employees and raise questions and concerns to your outside relationships, customers, suppliers and even prospective employees. That is why before engaging in any investigation, I will ensure that I explain to the client the investigation process, the potential scope and risks, and care is taken in planning the execution and timing of any investigation.
At the end of an investigation I recommend to many of my clients the steps that should be taken to remediate their operations or mitigate against future threats. There is no single or simple solution to fraud, however, investment in technology and reviewing, enhancing and implementing operational policies and strategies is a start. For one large corporate client, our firm conducts a regular audit of their retail (refund and theft fraud) process which helps them identify weaknesses in their internal controls and employee training.
When and if you suspect that a fraud is occurring, it is important to conduct a thorough operational review. Contact an investigation specialist to help prepare an action plan and conduct an investigation which can be relied on for use in potential criminal, regulatory or civil proceedings.
By Sean Gladney, Vice-President, The Investigators Group Inc.
For more information regarding workplace fraud, you can contact Sean via email at email@example.com
The Investigators Group Inc. (IGI) was established in 1995 as a full service private investigation and security firm serving individuals across North America. We serve the legal, insurance and corporate communities as well as individuals through our civil and executive services. IGI provides professional investigation services, fraud investigators, workplace investigations, undercover operations, loss prevention and security services.
Contact us today so we can provide the appropriate investigative solution for all your needs.
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