With businesses scrambling to survive as the recession dampens revenues, freezes credit and stalls growth, employee theft may serve as an increasing drag on profitability that risk managers cannot afford to ignore.
In fact, a report issued by the Association of Certified Fraud Examiners puts the cost of occupational fraud from 2006 and 2007 at 7 percent of annual revenues–with more than a quarter of cases involving losses of at least $1 million. Small companies with fewer than 100 employees saw a median loss of $200,000, according to the report.
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