Fraud can take many forms and may be perpetrated both internally by actors within an organization, or externally by third parties that interact with it.
In a recent article, China Briefing dig deeper on the most effective due diligence strategies to protect your China business. They also elaborate on establishing transparent standards for monitoring compliance to programs.
Internal fraud can be limited by performing a thorough background check on key personnel prior to onboarding them into the organization. External fraud, on the other hand, takes place from outside the organization and is perpetrated by third-parties. A common example is where suppliers take advantage of lenient customers. However, there are many ways a company can reduce their risk exposure to external fraud as well.
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