Fraud has struck! What now? – A contingency plan can help minimize fallout, expedite investigation
Abstract: When fraud strikes, panic is a common but not very desirable response. Having a fraud contingency plan can help ensure that a business will know just what to do to minimize the fallout from a fraud incident and get the investigation underway immediately. It involves taking an honest look at the types of fraud most likely to be attempted, and how to respond if controls are breached. This includes having the right members for a fraud investigation team and communicating effectively with employees, the public and other stakeholders. A good fraud contingency plan should be integrated into a greater suite of risk management programs.