Stopping Embezzlement Before It Starts
No Unfinished Business Podcast Ep. 10: Stopping Embezzlement Before It Starts w/ Mark Murrah
Should you be concerned about embezzlement within your company? Are you certain your financial processes are secure? Can you imagine the devastation it might cause?
Protecting Your Business From Internal Embezzlement
Nobody likes to think it could happen to them, but embezzlement and misappropriation of funds can happen on any scale, in any sized firm. Luckily, we have some straightforward ways we can identify or prevent it before it starts.
Our guest is corporate attorney Mark Murrah, who has years of experience preventing, spotting, and cleaning up after corporate embezzlement.
Mark gives us some real world warning signs of embezzlement, and myriad ways to forestall and prevent it.
Warning signs of possible embezzlement
- “I work really hard, there should be more money”
- Vendors not receiving payments
- An employee wanting fiefdom over finances
- Red flag employee behavior – are they using drugs, gambling, living above means
How do we prevent this?
We then discuss common ways this fraud is being committed, and Mark’s three part plan for defense against embezzlement.
- Policy – what we are going to do
- Process – how we are going to do it
- Training – teaching your team to do it
Mark gives us so much practical advice on how to spot problems and defend against bad actors.
See our podcast page to download Mark’s white paper on Signs of Embezzlement.
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As we near the end of 2022, there are certain things we can can be doing (or at least be aware of) to help lighten the upcoming tax burden before the year is over.