VERITI CONSULTING LLC
Five Steps To Minimize Insurance Fraud Risks In Business
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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.
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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.
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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.
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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.
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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.
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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.
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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
TRUTHBEHINDNUMBERS.COMCertified Financial Experts
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