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20 May 2011

Corporate Crime is a real exposure for your business.

Fraud is a major threat to business despite regulation and increased internal controls. Loss scenarios include: stock misappropriation, supplier collusion, excessive IT access risk, fund transfer authorisation losses, contract allocation kick back and personal expense abuse.

While mitigation such as password security, segregation of duties and authorisation controls are important having the right insurance in place is also critical.

Commercial Crime insurance policies are designed to provide broad cover to any type of commercial enterprise at a time when business needs protection the most.

The main cover includes: direct financial loss as a result of dishonesty by employees, external crime such as third party computer crime, theft, client loss and fees costs, and expenses. Additional cover is also available for a other risks such as extortion and contractual penalties.

Do’s and Don’t when you discover a fraud

Get on with running the businessIgnore the fraud
Activate your fraud response planRespond emotionally or with too much haste
Investigate- think forwardImmediately confront the fraudster/s
Consider third party specialistsDamage or mark evidence
Take whistle-blowers seriouslyLimit scope of concerns to specific issues
Be objective in you assessmentIgnore industry regulators
Limit the number of people involvedPut a timeline on investigations

Protect yourself: Corporate Crime cover can be bought as a stand-alone policy or as part of a management liability insurance policy talk to Barry Long our Crime Insurance specialist or your Account Executive today to protect your business further.

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