Assistant Manager of the Risk Advisory Department at Deloitte Ghana, Monita Derby, is entreating businesses to segregate procurement processes in their operations to reduce the instances of fraud.
According to her, it is important to put in place the needed controls and measures that would curtail or block opportunities that would lead to fraud and embezzlement in organisations.
Speaking on the JoyBusiness Masterclass show on Joy Fm, Mrs. Derby, posited that leaving procurement processes to an individual’s provides the opportunity for some workers to siphon funds in the discharge of their duties.
“If you’re an institution where you don’t have the measures in place that would help prevent or detect the fraud. For example, someone is requesting money to purchase something within your organisation, the person requesting the money is the same person that would make the approval and sign the cheque; they are likely to bypass measures and execute the fraud”.
“The pressure and the rationalisation fall with the individual. They are thinking about it but if you put the right control measures in place, it can help mitigate the risk”, she said.
She furthered that the bedrock of mitigating the occurrence of fraud is improving openness and transparency in interactions with stakeholders, underpinned by integrity and ethical behavior by all employees and professionals.
This she believes will ensure the continuity of businesses and provide an avenue for growth and expansion
Latest Stories
-
I will reform the constitution and fight corruption – Alan Kyerematen
1 hour -
Magnus RexDanquah supports renting out stadia practice for non-sport income
1 hour -
I will fix broken economy, create jobs for youth – Alan Kyerematen
1 hour -
EPL: Saka involved in three goals as Arsenal beat Southampton
2 hours -
Value of Accra, Essipong, and Baba Yara stadia dropped by over 40% – Magnus RexDanquah
2 hours -
EPL: Kovacic scores twice as Man City come from behind to beat Fulham
2 hours -
Kudus scores first goal of season as West Ham thrash Ipswich
3 hours -
Galamsey: Organised Labour would be acting as toothless bulldog if strike fails – Newsfile caller
3 hours -
EPL: Jota makes it six wins for Liverpool with goal against Crystal Palace
3 hours -
Police can’t keep anyone arrested beyond 48hrs without arraignment – Bobby Banson
5 hours -
GALAMSEY – My Take!
6 hours -
Galamsey: October 10 strike on track – TUC
6 hours -
Water treatment process doesn’t remove heavy metals – Environmental engineer clarifies
6 hours -
Does Ghana’s monetary policy rate predict outcome of presidential elections?
6 hours -
Jospong Group and government commission 400-ton waste recycling facility in Nalerigu
7 hours