12/7/24
Vendors & Billing
• Threats: o Fake vendors issuing fraudulent invoices. o Overbilling for services or products. o Kickbacks between employees and vendors. • PreventionTips: o Vet all vendors thoroughly before contracting. o Regularly review vendor invoices for discrepancies. o Use automated systems to track payments. o Require management approval for all new vendors.
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Inert “Loss Prevention” • Threats: o Un[der]-utilized tools. o Reactive vs. proactive loss prevention program(s). o Misplaced area(s) of focus. o Complacency. • PreventionTips: o FORMAL training programs AND assessments. o Monitored performance standards for people AND tools.
o Frequent 360° evaluations. o LIVING DOCUMENTS!
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