What Gets Monitored Gets Detected
Security settings can help track access to information. Organizations can use security settings to monitor and prevent access to unauthorized processes that allow a fraudster the opportunity to steal and cover his or her tracks. Automatic electronic notifications can raise red flags. Reminders and alerts can notify a specific person if a certain condition exists.
Integrated accounting systems should eliminate most journal adjustments. All adjusting entries that are above a predetermined limit should be monitored and reviewed in real time, or as quickly as possible after entry.
Monitor credit/debit card payments, sales returns, and payroll data. Such monitoring could reveal purchases at vendors that are not consistent with the organization’s mission, a specific relationship between a salesperson and a customer, or overstatement of hours worked.
Associate and monitor data from multiple areas. Matches between employee Social Security numbers or addresses with vendor tax IDs or addresses may indicate an employee who is also a vendor, which, in some cases, can identify an employee who is not acting consistent with his or her fiduciary relationship.