Protective Coatings, Inc.
Red Flag Fraud Hotline
It is estimated that three out of every five companies will be sued by an employee for a matter that occurred sometime between the pre-hiring process through the exit interview.
If you would like to report fraud immediately please visit redflagreporting.com
or call 1-877-647-3335.
Report concerns safely, securely and anonymously 24/7.
Our new service is about protecting organizations, their people, and minimizing financial losses.
Why? There is growing concern over the potential damage to companies and organizations due to losses from unethical behavior.
What about your organization? Are You at Risk of Losing 5% of Annual Revenue?
According to the 2012 Report to the Nations on Occupational Fraud and Abuse the Association of Certified Fraud Examiners (ACFE) reported that an average of five percent of revenue is lost to workplace misuse and fraud. These statistics are alarming, mostly due to the fact that with effective control measures in place, these costs are proven to be significantly diminished.
And that’s exactly how Red Flag Reporting well help you.
Red Flag Reporting is your hotline for:
- Fraudulent activity/theft
- Safety violations
- Unethical behavior
All reported safely, securely and anonymously 24/7.
It could happen to you…
CFO Magazine published findings that out of 800 senior executives surveyed, 88% reported their companies were victim to corporate fraud over the past
Risk management experts advise that organizations manage and control risks by:
- Adopting preventative and detective control measures.
Through the leverage of automated controls and monitoring tools, such as hotlines, organizations can mitigate potential risks to misconduct and fraud.
- Implementing an organizational best practice education program.
Employee education, process improvement training and best practices compliance are crucial to prevention, detection and deterrence of unethical behavior.
- Managing your organization’s ethics plan.
Successful prevention programs deliver frequent and consistent communication from the executive level on workplace ethics, tolerance and citizenship.
The average loss reported by companies without an ethics hotline is $180,000*
Evaluating your risk factors
Utilization of a proper reporting mechanism is what the ACFE identifies as among the most cost-effective fraud prevention and detection systems.
To evaluate the vulnerability of your current controls, consider the following cautionary findings*:
- Organizations over-rely on audits to detect misconduct.
- Property trained staff members are an organization’s top detection method.
- Implementing tip hotlines significantly lowers losses.
- Internal controls alone are insufficient to fully prevent occupational fraud and abuse.
- Executives and Management are key players in maintaining an ethical organizational tone.
The Strategy is to Protect. Detect. Deter.
Tips and complaints are proven to be the number one method of fraud protection.* The
average loss reported without a hotline is $180,000. The anonymity that hotlines provide has
been shown to make employees feel both protected and empowered. Typically, the types of
tips generated by employee ethics hotlines are: fraud, waste and abuse tips; safety violations; quality issues; efficiency/process improvement tips; equal employment or other HR matters.
Developed by experienced fraud investigators and human resources consultants, Red Flag Reporting is a highly effective program to detect and report unethical behavior, and stop costly problems such as embezzlement, false billing, misuse of assets and accounting irregularities. The program also addresses employee protection, raising red flags before a work condition leads to a litigious situation. With a user-friendly interface, Red Flag Reporting is proven to protect your organization’s employees, goodwill and bottom line.
Red Flag Reporting is unique from other hotlines because its features make it more than just a reporting function. The system includes analysis of reports and training that is focused on helping you maintain a positive tone at the top of your organization. We provide effective fraud and abuse prevention and detection measures, so our clients can focus on their customers.
To learn more sign-up below or simply email RedFlag@Shannon-cpas.com
Start protecting your organization and your people today. You can contact us directly
at: (253) 852-8500 or simply fill out the form below:
*Based on findings from the ACFE 2012 Report to the
Nations on Occupational Fraud and Abuse.