Anti Fraud Measures | It Starts with a Formal Fraud Policy and Procedure Manual

Anti fraud measures for protecting today's businesses can vary greatly, from having a comprehensive internal controls framework to various measures for ensuring segregation of duties, just to name a few. The best and most effective anti fraud measure for protecting against common schemes, such as bid rigging, is to implement a formal Fraud Policy and Procedure Manual within your organization. It's filled with a comprehensive list of useful information for detecting and preventing fraud along with helpful resources in understanding, identifying, and reporting fraudulent schemes.

Bid rigging is one of the more common fraudulent schemes being played out today throughout our business environment, and as such, companies should put in place effective anti fraud measures for eliminating these malicious and illegal acts.

Bid rigging is a form of fraud in which a contract is promised to one party even though numerous other parties have also presented a bid. There are also additional components to bid rigging, such as bid suppression and bid rotation. They all involve an element of collusion and are considered illegal in most countries. Bid rigging is very common, but also hard to catch and even harder to enforce in today's business environment. However, you can create a culture of awareness and accountability for bid rigging and all other aspects of fraud by adopting a formal Fraud Policy and Procedure Manual throughout your organization, which is simply one of the best anti fraud measures available. Employees will become keenly aware of all aspects of fraud, how to detect and prevent it, but more important, what acts constitute fraud and what the repercussions would be.

Don't let your company become a victim of fraud. Purchase the Fraud Policy and Procedure Manual today from fraudpolicy.org and put in place anti fraud measures that work.