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10 ways to reduce fraud while enhancing corporate integrity through technological innovation

Abstract: Instances of fraud are costly from a financial perspective, so fraud prevention is of paramount importance for any corporation or firm. Nonetheless, a broader approach to reducing fraud may also lead to opportunities for an enhanced culture of integrity for companies, potentially improving corporate reputations and strengthening brands. This can be seen as a dualistic success for the corporate sector, as internal crime is reduced while external reputations are strengthened.

Introduction: So, how can these goals be realized? The following section provides a road map for reducing fraud, enhancing corporate integrity and developing corporate social responsibility potentials through an innovative approach to re-framing the issue for businesses of all sizes. The innovation is a technological one, utilizing applications to build employee and contractor data bases. Here are the 10 ways to reduce fraud while enhancing corporate integrity through technological innovation:

1. Best practice in holistic vetting outcomes. Best practice in vetting must include embracing the latest technological innovations for reducing fraud, establishing the foundations for a strengthening of corporate integrity.

2. A guarantee of integrity of contract based on statistical analysis. Firms must seek out the most innovative technologies to improve their reputations and brand, framing their operations as integrity based, and backing this up with highly developed statistical evidence.

3. Corporate integrity for negotiating contracts. Utilizing this technology will in turn underpin the company’s corporate integrity, providing a reference point for corporate behavior and performance.

4. How will this be achieved? By using innovative technologies to put corporate reviews on a positive footing, with detailed feedback from statistical analysis of employee and sub-contractor profiles, highlighting their strengths and accomplishments, before, during and after employment.

5. The staff and contractor portfolio should include data, reviews supervisors, customers client reviews. Making this information available to potential clients will provide a corporate stress test for key strengths and weaknesses going forward. This will increase confidence and connectivity with subcontractors, vendors and clients.

6. Another potential outcome which would emerge from technological deployment would be the development of satisfaction metrics for optimal performance targets, benefiting companies and clients alike.

7. There are also benefits for Human Resources in applying technological innovation to this fraud reduction and brand enhancing project. The application of technological resources will allow HR to identify corporate staffing strengths from a statistical database, allowing them to deploy staff more effectively, leading to an improved corporate culture and subsequent performance overall.

8. In addition, this technologically derived statistical database would help HR to explain the reasons for granting or declining promotions, reducing employee confusion and resentment, while enhancing career paths across the company.

9. This database in turn may provide an opportunity for the introduction of a form of ‘restorative justice’ for companies, increasing retention rates reducing firings and expensive rehiring and training, where appropriate.

10. Finally, the use of statistics derived from technological innovations such as apps can lead to enhanced corporate social responsibility opportunities for companies, placing them at the heart of their communities.

Conclusion: By developing innovative applications that create employee and contractor databases, we see the potential for enhancing corporate integrity, performance and brand strength, while simultaneously improving corporate culture. In this way, the corporate sector can move away from unhappiness and fraud from their employees and workers, while using technological innovation to underpin their reputations and success.


About the Author: Dr. Liam J. Leonard is a professor of Criminal Justice, Criminology and Sociology, with experience in the United States and Europe. He currently teaches at Northern Arizona University. His teaching and research interests include Criminology, Sociology of Business, Corporate Social Responsibility and Sustainability. He is the founder and editor of CRIMSOC publishing, and editor/author of over 20 books.