There are several strategies businesses can employ to mitigate fraud risk:
1. Implement Strong Internal Controls: Regular audits, segregation of duties, and robust approval processes can limit opportunities for fraud. 2. Promote Ethical Culture: Establishing a code of ethics and providing regular training can help employees understand the importance of ethical behavior. 3. Monitor Employee Behavior: Be aware of changes in employee behavior that may indicate financial stress or dissatisfaction. 4. Encourage Whistleblowing: Create a safe environment for employees to report suspicious activities without fear of retaliation.