According to the Association of Certified Fraud Examiners, when one occupational fraud perpetrator pulls off a scam, the employer suffers a median loss of $75,000. When crooked individuals team up, that median loss rises to $135,000. And when three or more crooks work together to defraud an organization? $329,000. That’s the power of collusion. If such financial consequences weren’t bad enough, collusion can also destroy a company’s reputation. After all, from the perspective of investors, lenders, customers and the general public, the defrauded business may seem corrupt and chaotic — certainly not trustworthy. So you must do everything possible to discourage collusion and other forms of fraud in your business. Preventing control workarounds Internal controls, or policies and procedures that can help minimize criminal behavior, are essential to...