How to Protect Your Company
A company can protect itself from fraud and illegal acts when they go global by taking several steps:
- Identify the country and industry specific fraud and illegal act risks and apply this knowledge through the company’s due diligence
- Direct due diligence to all of the company’s relationships, varying the scope according to the degree of risk. Due diligence should include the reputation of the company and its principals.
- Determine whether or not organizational and operational changes would help in detecting and reducing fraud and illegal acts
- Conduct an audit of the company’s due diligence procedures and the procedure to manage fraus and illegal acts of any new relationships
- Develop an understanding of the culture of the country and of conducting business within that country
- Install proactive operational procedures and computer programs to detect fraud and illegal acts for the new relationships and test their effectiveness
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