By Katherine Beaty
We are all still feeling how hard our industry was impacted by the pandemic. Many of us had to furlough staff and to date, only some of those furloughed have been rehired. An unintended side effect of these furloughs is that with less staff, there are fewer people to share the load, and this has had an effect on the ability to provide separation of duties. With the lack of separation of duty comes the risk of a spike in fraud cases within our industry.
In addition to all the other new responsibilities you have with fewer resources, it is still important to take time to focus on loss prevention:
- Complete spot audits of your staff.
- Independently verify reports versus revenue.
When possible, reimplement separation of duties.
- Ensure revenue collection processes are being followed and verified.
With the profit losses we are all facing, be sure that you are not losing even more to fraud.
Katherine Beaty is VP of implementation with Tez Technology,