In More Ways Than One It seems every few months we read about a financial institution involved in a money laundering scandal. The bank typically agrees to pay a fine, promises to behave, hires consultants to monitor and report to the regulators, and the scandal is generally forgotten. You may ask what do the consultants do and what do they monitor? This article will discuss the development of two recent scandals that made noteworthy headlines, the redflags to be watchful for, and the safeguards deployed to understand, monitor, and control the risks. It seems every few months we read about…
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Preparing for an audit by the Securities and Exchange Commission can be a significant undertaking for a small firm. During stressful times such as this, leaders should stay confident and set a positive example for others. To read the full article in Smart Brief, click: Preparing for an Unexpected SEC Audit.
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“I Should Have Known!” When you hear the news that someone was just arrested for committing fraud at their work, it is usually accompanied by fellow employees or managers saying one of two things. Either, “I never thought they were capable of stealing” or “I should have seen it coming.” Why do employers say that they “should have known” and how exactly is it that they should have known? In my experience, there are some common characteristics of people who perpetrate a fraud. And if business owners are aware and vigilant about their business, they might never have to say,…