In entrepreneurship, there is a balance between taking risks and control. If you are running a business that involves taking risks, you may never have 100% control. The same rule applies: If you want full control and avoid taking risks, you are not running a business. Control should not be underestimated because how do you counter fraud, by setting up the proper checks and procedures.
Large and small businesses can become a victim of fraud. Fraud leads to prejudice and depreciation of your company, while one of your objectives is the creation of values. Fraud has three conditions, which must be broken: pressure, opportunity and rationalization. By establishing the appropriate procedures, such as separation of duties, approval, authorization, security and accountability you significantly limit the risk on fraud.From a certain vision, you have set some strategies to be able to implement that vision and within those strategies, you define a certain “risk appetite”. It is the balance that you are willing to take between risk and control. I can help you establish checks that comply with your risk appetite. Within the administrative organization and internal control, you should have a clear strategy to handle this. You are an entrepreneur, so you often do not have time for resources to address this issue.