Let’s Tackle Fraud Risk!

2021-07-01

How would you know if your company is protected from fraud? If you don’t know, let’s tackle fraud risk!

Many people think that by having a hotline or report line the company is protected from fraud. They think that if there are no reports, everything is fine. Here is the first lesson: there is a big difference between establishing controls and that those controls are effective. If no one uses the hotline it doesn’t mean that a fraud is not occurring. The company can have many controls, but the key point is that if someone reports, is the company going to believe that person? Is the company going to protect that person? On an international level, the top source to detect fraud are the whistleblowers. This is a real and effective source to know if there is a fraud, but no one will speak up if they see that the company won’t protect them or doesn’t do something to correct it.


Sanctions are another key control to prevent fraud. What is the company willing to do so that fraud does not occur, or does not recur? Changing the fraudster to another area, pretending that the fraud never happened, or not correcting the controls is a way to contribute for impunity to happen. It is of no use that the company has an anti-fraud program or knows where it is vulnerable to fraud risk if the controls are not checked to ensure they are effective. Such as when red flags are raised; who monitors, analyses what is happening?


Lead with example is another important control: the company shows with actions that there is zero tolerance to fraud by not making exceptions to the rules for anyone, nor the sanctions are minimized.

 

Check our In-house Training to train your team and employees about Fraud Risk.





Get a feel for our events

Process Validation for Biotechnological Products - EU edition MasterClass

Process Validation for Biotechnological Products - EU edition MasterClass

07-08 February, 2023

This MasterClass will provide best understanding on how process validation for biotechnological processes, which is the collection and evaluation of data from the process design stage through commercial production.

Good Clinical Practices - US edition MasterClass

Good Clinical Practices - US edition MasterClass

07-08 February, 2023

This online practical course provides an in-depth understanding of GCP requirements and their practical implications.

Pharma Good Distribution Practice - EU edition MasterClass

Pharma Good Distribution Practice - EU edition MasterClass

09-10 February, 2023

This informative training with two RP’s / RPI’s for all things GDP.

check all pharma events