Important questions to consider to prevent fraud during the chaos:
- Where are your assets and who has access to them?
- Where are the bank accounts?
- Who is spending money?
- Daily review of all items
- A time for early and hard measures
COVID-19 has put pressure on absolutely every element of running a chapter and/or running a house corporation. We have generally looked at fraternal operations in the three risk management areas of:
- Property management
- Financial management
- Employment management
We have seen a lot of attention to the property and employment areas and wanted to highlight the financial management. The chaos of the time could draw your attention away from the practice of good management of your financial assets. Now more than ever, the use of dual controls must be used, and extra precautions should be engaged to reduce your risk to fraud and embezzlement.