Loss & Fraud Prevention

Accounts International’s Loss Prevention Shield is the foundation of financial risk management for individuals and organizations. Everyone must be proactive in shielding income, assets, and business interest to protect their future livelihood. Our mission is to minimize the risk of financial loss through analysis and identification of financial risk areas, and to address those risks by developing and implementing a loss control program

– Medhat Bahnan, President Accounts International, LLC

Taking a proactive approach to identifying and preventing losses in all forms is one of the best ways individuals can protect their income and assets. This is especially true if you are a high net-worth individual, like an athlete or actor. Yet a recent “KPMG Fraud Survey” found that organizations are reporting more incidents of fraud than in prior years, and that only one in four organizations have any loss/fraud prevention measures in place.

Accounts International (AI) advises both individuals and organizations on how to manage and mitigate financial risk. Our Loss Prevention Shield aims to eliminate financial losses due to malfeasance and violation of fiduciary duties—especially by trusted advisers.

Acting as an independent third party, AI provides assurance that your trusted fiduciaries maintain financial integrity while acting on your behalf. Our team of analysts can identify financial vulnerabilities and recommend strategies to implement that best address those risks. Generally, a review of this nature includes an in depth examination of people, processes, and technology.

Loss Prevention Shield supports two primary customer segments:

  • • High net-worth individuals, such as athletes, actors, and entertainers, who turn over their financial and business interest to a trusted party, sometimes without adequate oversight.
  • • Businesses and organizations that are vulnerable to fraud by employees, because of inadequate oversight and internal controls.

The best solution is to ensure that appropriate controls are in place before fraud occurs. Strengthening controls is seldom accomplished by enhancing one process; rather it involves a comprehensive review of the risks faced, the existing internal controls already in place, and their adequacy in preventing fraud from occurring.

One way AI protects its clients from fraud is by questioning their processes and challenging the mechanics of why they conduct business in the manner that they do. More often than not, we learn that the controls needed to deter individuals from acting unethically are not implemented adequately. For example, a staffer in charge of bank statements and paying invoices might be also able to write a check to himself or transfer money to an account only he can access.

AI knows that by the time misappropriations are detected, the fraud typically runs in the tens of thousands of dollars or more. Since the subsequent pursuit of legal remedies cost you time and money, we will work with clients regularly to advice on ways to protect your assets.