As seen in Philadelphia Business Journal
A: A company’s losses incurred by fraud can be mitigated through the implementation of fraud prevention measures. Companies should start by setting a strong tone at the top. This includes having the most senior level of management involved in the process of identifying and overseeing fraud risks. Setting a strong tone at the top includes implementing a code of ethics whereby the company’s core values and standards are clearly communicated to employees. This also includes establishing fraud prevention polices that may include segregation of duties, limitations of physical access to assets, and position rotation. Fraud risk assessments, another fraud prevention measure, should be performed regularly. These assessments are used to understand vulnerabilities within the company so the company can focus anti-fraud resources on those areas, as well as identify processes for improvement.