fraud prevention considerations for small businesses

Pennock Consulting Group, Inc.

Fraud Prevention Considerations for Small Businesses....

Why You Need To Listen

✤ Who do you think suffers more from fraud large or small businesses?

According to the Association of Certified Fraud Examiners over 30% of occupational fraud is committed against small businesses. Companies with less than 100 employees are most frequently the victim of fraud and have median loses of $155,000 .

✤ What could your organization do with an ADDITIONAL 5% of your annual revenue?

According to the Association of Certified Fraud Examiners an average organization has an average median loss of around $135,000 to fraud or 5% of their annual revenue.

Distribution of Losses

Provided by The Association of Certified Fraud Examiners

Distribution of Losses

Frequency

Provided by The Association of Certified Fraud Examiners

Frequency

Provided by The Association of Certified Fraud Examiners

Median Loss

Median Loss

Cut Losses

✤ Risk Assessments

✤ Policy Development & Implementation

✤ Efficiency Planning

✤ Fraud Prevention & Recovery Plans

✤ Fraud Awareness Training

Risk Tolerance

✤ How much risk will you tolerate?

✤ Where are the weaknesses in your operation?

✤ What are you going to do about them?

✤ What happens when things change?

✤ What are the unforeseen threats?

What do you Expect?

✤ Define it and people know what you expect.

✤ Spell it out what do you really mean.

✤ Do the controls work or cause workarounds?

✤ Make it clear what everyone is supposed to do?

✤ Do changes perform as expected?

Save

✤ Don’t duplicate work

✤ Don’t over divide duties

✤ Make resources work for you

✤ Stop waste know what you really need

✤ Plan and set goals

Plan

✤ Be realistic and set goals

✤ Document plans and update them regularly

✤ Plan for the worst case scenario

✤ Have a plan B

✤ Share the plan

Learn

✤ Training is a wise investment

✤ Make sure it is relevant

✤ Update regularly

✤ Keep an eye on new processes

✤ Keep an eye on the latest fraud schemes

How We Will Help You

✤ Customized services directed to get you the best return on investment

✤ Customized training developed specifically for your organization

✤ Support when it is needed

✤ Large network of Partners who are specialists in their field

✤ Flexible resolution management, which delivers effective results

About UsAmy PennockPresident

Amy is a Certified Fraud Examiner (CFE) who has been practicing managerial accounting for 15 years. She has served as Assistant Controller in public healthcare, Administrative Services and Internal Auditor in government healthcare and Controller in civil construction. Her specialties include administrative management, investigations of employee and vendor fraud, as well as transaction reconstruction, financial investigations, internal controls/risk assessments, fraud prevention education and identity theft risk management for both businesses and individuals. 

Sharon M. ShawPartner

Sharon is a Certified Fraud Examiner (CFE) with over 15 years of experience in project management, process improvement and fraud prevention and investigation.

Sharon currently specializes in reconstructing financial transactions and performing large complex financial investigations, which involve multiple jurisdictions and targets. Recent cases she has investigated have included the theft of over $8 million from a Title Company’s escrow funds, a securities fraud, which lost over $1.2 million in elderly investors funds and multiple cases of money laundering.

Sharon is an advocate for fraud prevention education and is a past Director and Vice President of the Tampa Bay Chapter of the Association of Certified Fraud Examiners.

CONTACT US

Pennock Consulting Group, Inc.PO Box 952294

Lake Mary, FL 32795

Office:321-257-9068Fax: 888-752-8483

PresidentAmy Pennock, CFE, CITRMS, CICA

Phone:407-406-4160

PartnerSharon M.Shaw, CFE

 Phone: 727-674-8442