Fraud Policy
This Fraud Policy can be implemented by a company to inform employees of the procedures in place for dealing with and preventing fraud.
5.0 (4 reviews)
Last updated December 18, 2024
Under 5 minutes
Suitable for Australia
Written by
Edwin Montoya Zorrilla
Reviewed by
Damin Murdock
Document Overview
The policy is useful to deal with and minimise the damage caused by any fraudulent attack. By explicitly defining actions that constitute fraud, the company can ensure that all employees and third parties are aware of what is and is not acceptable.
Use this Fraud Policy if:
- You wish to formally establish a set procedure for employees if they encounter fraudulent behaviour.
- You want to define what fraudulent conduct is.
- You want to establish the responsibilities of executives, managers and employees when fraud arises.
- You want to establish a reporting procedure for when fraud occurs.
What does this Fraud Policy cover?
- Background and purpose of the policy
- Definition of fraud
- Managing risk of fraud, responsibilities for executives, managers and employees
- Reporting procedure
- Recovery of losses procedure
Further Information
The Legal Risk Score of a Fraud Policy Template
Our legal team have marked this document as low risk considering:
- There is a risk related to the timely reporting of fraud, as the policy requires initial verbal reporting followed by a detailed written report within 24 hours, which might be challenging to adhere to in complex situations.
- The policy places significant responsibility on employees at all levels to detect and report fraud, which could lead to potential oversight if individual understanding and vigilance vary.
- The document mandates cooperation with internal investigations, which could be perceived as pressuring employees into participating in potentially self-incriminating processes without clear guidelines on their rights during such investigations.
Fraud Policy Checklist
Complete your free Fraud Policy with our checklist
Establish Reporting Mechanisms
Ensure that all employees are aware of the established fraud reporting procedures and understand how to report suspected fraud or irregularities.
Review and Update Fraud Risks
Regularly update the fraud risk profile and review the fraud risks associated with each of the key organizational objectives.
Maintain and Test Controls
Continuously ensure that internal controls are complied with and test these controls regularly to adapt to new fraud risks or operational changes.
Promote Anti-Fraud Culture
Actively foster an anti-fraud culture within the organization by providing training and resources to employees to recognize and prevent fraud.
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