five steps to minimize insurance fraud risks in business

VERITI CONSULTING LLC

Five Steps To Minimize Insurance Fraud Risks In Business

TRUTHBEHINDNUMBERS.COMCertified Financial Experts

Can Insurance Fraud Be Prevented?

Insurance fraud is a real risk in today’s global

business environment, and businesses of all

sizes can find themselves a target. The

insurance fraud risks increases as businesses

become more complex. While it might not

be possible to completely eliminate the risk

of insurance fraud, it is possible to mitigate

risk and reduce the opportunity for would-

be defrauders to target your business.


Implement Effective Financial Controls

• Insurance fraud frequently involves employee complicity with outside parties. Effective financial controls that quickly flag suspicious activity are one of the better ways to detect, and deter insider fraudulent activity.

• Experienced forensic accountants can often give businesses insight into both common and more rare insurance fraud schemes and insight on how to develop devise and implement effectual financial internal controls.


Reduce the Opportunity for Fraud

• Insurance fraud is regularly a crime of opportunity.

• Organizations taking a proactive approach towards eliminating opportunities can effectively discourage fraud attempts.

• Practical methods of reducing opportunities for fraud include

not only the implementation of controls but also employee education and awareness.


Perform Regular Audits• An employee or external party with the opportunity to commit

fraud may be less likely to attempt defrauding the company if audits are periodically performed outside of the typical rolling schedule and are designed to target common fraud schemes.

• While internal audits are integral to financial compliance, external audits should also be utilized to impartially detect existing irregularities or potential opportunities for fraud or misappropriation of assets.


Delegate the Responsibility for Fraud

Deterrence• A clear line of responsibility can ensure that risk minimization

efforts are up-to-date and ongoing.

• A comprehensive fraud deterrence plan can also assist organizations in investigating and responding to various types of irregularities that can be early indicators of fraudulent activity.


Partner with an Accounting and Fraud

Consultant• Organizations that use external consulting partners experienced

in fraud risk management have a better chance at preventing sophisticated insurance fraud schemes.

• They are also better positioned to detect and minimize damages in the event fraudulent activities exist.


THANK YOUTHANKS FOR REVIEWING THIS

PRESENTATION

PRESENTATION BY: VERITI CONSULTING LLC8111 E. THOMAS RD. #120 SCOTTSDALE, ARIZONA 85251

TEL: (877) 520-1280 • EMAIL: [email protected] WWW.TRUTHBEHINDNUMBERS.COM

EXPERT TEAM


Liz Monty, CPA/ABV, CFF, CFE, CVA, DABFA

Managing Director

John White, MBA, CPA/ABV, CFF, CFE, CBA, CrFA, ASA

Managing Director

CONTACT VERITI CONSULTING LLC

CONNECT WITH EXPERIENCED FRAUD, FORENSIC & ECONOMIC DAMAGES EXPERTS

CALL: 877-520-1280EMAIL: [email protected]

PRESENTATION BY: VERITI CONSULTING LLC 8111 E. THOMAS RD. #120 SCOTTSDALE, ARIZONA 85251

TEL: (877) 520-1280 • EMAIL: [email protected] WWW.TRUTHBEHINDNUMBERS.COM

five steps to minimize insurance fraud risks in business

Education