Protecting Your Business from Embezzlement


According to the SBA, nearly a third of small business failures are due to fraud. In this Chamber U presentation, learn how to protect you business from employee fraud. Presenters are Doug and Polly White of Whitestone Partners, Robert Musick and Mark Colombell of Thompson McMullan, P.C. and Sharon Dabney-Wooldridge CEO of Kleane Kare.Major Take-Aways

  • Create checks and balances- one employee should never have sole control of a company's finances and records.
  • Don't ignore the red flags- no one knows your business better than you. If something seems off, do no ignore the warning signs.
  • Be pro-active- the timeliness of a business owner's response to an internal fraud threat is one of the most important factors in minimizing a risk. don't let a small problem become a big problem.
  • Know your remedies- remember that there is the potential for both civil and criminal remedies. Consult with your attorney about how to best protect your company's interests.
  • Conduct background checks- choose criminal, sex offender and driving record checks if appropriate to your business.
  • Check references- Don't just call the person referred by the job candidate. Get to the second level.
  • Call former employers- but talk to the job candidate's supervisor- in smaller companies that means the president ofthe firm. Look up the phone number yourself.
  • Check all claims makde by the job candidate regadring education and licenses- and make sure that the institutions are accredited.
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Protecting Your Businss from Embezzlement VideoVideoPreview52 min