There are so many different aspects of fraud within Higher Education Institutions in the UK. Often, completely specialised and unique to the industry. And the biggest problem is that these risks aren’t being managed effectively.

“PwC’s most recent Global Economic Crime Survey indicated that, whilst 51% of all organisations had encountered fraud in the past 12 months (3,877 respondents), only 34% of HE institutions had identified fraud within their own organisations. Perhaps significantly, 38% of HE institutions had not carried out a fraud risk assessment during that period.” This is from the British Universities Finance Directors Group Report.

The Full Scale of the Problem

When autonomy is given to one individual – especially in a financial capacity – there is the opportunity for theft and fraud to go undetected for very long periods of time.

Dave Kearns, Managing Director of Expert Investigations, says, “more companies are being proactive about uncovering and reporting fraud. However, a significant amount of fraud goes unreported as many companies will dismiss the employee to keep the problem out of the spotlight.”   And this certainly seems to be the case when it comes to fraud within Higher Education Institutions. But what can be done?

Tackling The Problem

The Fraud Advisory Panel states that businesses themselves could do much more to prevent fraud but choose not to. Statistics show that fraudster say weak controls were significant factor in the criminal decision making. What is staggering is the fact that business owners, business leaders, and those in senior management have an attitude that it won’t happen to them.

The old adage is true prevention is better than cure. By educating yourself, your colleagues, your employees and by doing a gap analysis of your vulnerabilities you can introduce simple methods, policies and procedures that will drastically reduce the opportunities for employees to be dishonest.

Call on Expert Investigations

Expert investigation group have the tools and facilities to allow you to befriend and disrupt employee dishonesty. In addition the report will allow you to detect any dishonesty in a much more simplistic and ordered approach.

Contact Expert Investigations today to get started.