Toronto, ON: May 17, 2022. According to the Association of Certified Fraud Examiners (ACFE), the typical workplace fraud case in Canada results in an average loss of approximately $90,000 with statistics showing billing schemes to be the most common, present in more than a third of fraud cases1.
Workplace fraud can occur in all kinds of organizations including small, not-for-profit agencies, retirement homes, schools, and faith communities. Many non-profit organizations are often more susceptible to fraud because they may lack many of the controls necessary to prevent a loss and will be impacted the most financially.
The culprits are often ‘insiders’ – executives, managers, employees and volunteers who were once valued and trusted members of the community.
There are several best practices that organizations can put in place to prevent, deter and detect workplace fraud. Ecclesiastical’s Risk Control Specialists have developed a bulletin which outlines these best practices, and provides valuable information to organizations of all sizes.
More Risk Control resources can be found in our Resource Centre at ecclesiastical.ca.
And go to the new Ecclesiastical Specialist School™ for information, tips and practical advice on risk management and mitigation.
1Association of Certified Fraud Examiners (ACFE’s) 2020 Report to the Nations on Occupational Fraud and Abuse. https://www.acfe.com/report-to-the-nations/2020/