The more information we have about a risk, the better we’re able to deal with it.
By assessing a problem, we can develop effective strategies to mitigate threats and remove dangers. It means that the biggest risks posed to a business are from those areas where we have the least amount of knowledge.
This is what has allowed employee expense fraud to pose such a global challenge to our businesses.
It’s estimated that a typical company loses five percent of its annual revenue to fraud, amounting to global losses of $2.9 trillion each year. The Association of Certified Fraud Examiners identify payroll fraud, including employee expenses, as the number one cause.