Reduce Cash & Stock Loss
Fraud continues to be the largest category of crime in Australia outstripping crimes of drugs, violence and property related offences. The Australian Institute of Criminology found in April 2008 that fraud accounts for 40% of all crime committed and costs an estimated $8.5 billion per year.
Recent financial collapses of HIH, One Tel, Harris Scarfe and Pan Pharmaceuticals to name just a few highlight the crippling effects which follow. In the unraveling of the financial collapses, it is clear insufficient focus has been placed on the role of whistleblowers.
KPMG´s 2008 Australian/New Zealand Fraud Survey demonstrated as it had in its previous surveys that whistleblowing is still the most effective mechanism to identify the problem of fraud. Whistleblowing accounted for a total of 47% of all frauds uncovered in the workplace of the businesses surveyed.
Whistleblowing more than ever should be seen as a process by which Directors, Officers and Management can tap into the information source provided through the eyes and ears of those on the payroll and from those with whom business is done i.e. vendors, suppliers and customers etc.
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