|Facts about risk losses to businesses
The SAS Institute concluded that 90% of all companies in the financial sector have lost
more than $10 million yearly due to poor risk management. Gary Cohn, President of
Goldman Sachs, noted, “Poor risk management, and not sophisticated products, is to
blame for financial-company losses and failures” (Bloomberg Business Week,
September 25, 2011).
Forensic accountant Tracy Coenen writes that 91% of fraud schemes occur by asset
misappropriation. However, its costs dwarfed financial statement reporting fraud,
which cost companies as much as $2 million.
A Sacramento, California construction company suffered a financial loss in 2011
when an accounting manager embezzled nearly half-million dollars. Other risky events
can bring businesses to their knees financially. The emergence of newer risks to a
company’s existence causes risk management to leap in attention among business
executives and owners.
** SOURCE: Jan Norman, Orange County Register, CA June 8, 2010
Learn how you can better secure your business from theft, embezzlement,
fraud, and other losses. One occurrence can be costly to your company.
Call today to find out how we can help prevent losses in your business
- Financial Benchmark – Identification of weakness leading to losses
and strategies for improvement
- Internal Control Scorecard - Scores risks in your business lending
to fraud, theft, embezzlement, and other losses
|AFB Business Solutions
Part of the Greater Sacramento Metropolitan area
Elk Grove, Sacramento, West Sacramento, Roseville, Citrus Heights, Orangevale, Rancho Cordova, Folsom, Gold River, Fair Oaks, North Highlands