Detecting and removing the toxic, unnecessary costs of fraud before they spread, means really valuing your Essential Costs.
Empowering organisations to eradicate the un-essential costs of Fraud
Fraud is the dirt in the machinery that nobody wants. We would like to empower every single organisation to detect fraud and corruption early and stamp it out with the assistance and inspiration of our pre-crime solution.
The concept of “Essential Costs” may sound basic for financial management but it is crucial in eradicating fraud and corruption. Removing substantial unnecessary costs such as supplier overcharging, customer payment defaults, needless rebates, fake services, bribery, etc, may seem a little daunting at first. Shining a light on what is not essential, distracting and not needed, isn’t rocket science either. It’s a reminder of how we need to be managing all organisations in these challenging times. Costs will always be necessary, but we must ensure that they are the right costs which are an investment in the future.
And remember, when you invest in bottom to top awareness of how your organisation can be defrauded, you are building a protective shield.
“Sophy” trials, where our customers take the wheel of our B4 pre-crime solution, are under way. B4 stands, of course, for “Be-Fore”. We have been told that it may not be possible to eradicate the costs of fraud and corruption completely, but we are going to make a huge impact when we all work together.
Triangulation to detect bribery
One question we are often asked is how to detect signs of bribery. The short answer is to “triangulate” between suppliers, customers and dirty cash. The tell-tale signs that bribery has crept in usually lie somewhere inside that triangle. Then once you get the signal, you follow the money. In the next newsletter, we will show you an example recipe from Miss Sophy, our Fraud Detective avatar.