Small firms at greater risk of fraud, claims CIMA
Small firms must be vigilant when it comes to safeguarding themselves from fraud as they are more susceptible than larger businesses, according to the Chartered Institute of Management Accountants (CIMA).
Small firms must be vigilant when it comes to safeguarding themselves from fraud as they are more susceptible than larger businesses, according to the Chartered Institute of Management Accountants (CIMA). The Institute has highlighted that many small businesses are unaware that they are more at risk of being victims of fraud. In a survey of members, CIMA found that 55% believed that employee fraud posed a major risk to their business. Helenne Doody, innovation and development specialist at CIMA, said: "Many organisations still do not have formal fraud systems and procedures in place to prevent, detect and respond to fraud. While no system is completely foolproof, there are steps that can be taken to deter fraud."
For more on this story go to:
http://www1.cimaglobal.com/cps/rde/xchg/SID-0AE7C4D1-C8C4F89F/live/root.xsl/10675_31797.htm
To read CIMA's guidance on fraud risk management go to:
http://www2.cimaglobal.com/cps/rde/xbcr/SID-0A82C289-FC4C2656/live/cid_techguide_fraud_risk_management_feb09.pdf.pdf
