In our modern society, with regular reports of victims of financial theft, security of financial assets is more important than ever. Businesses have an obligation to safeguard their financial assets by compartmentalizing access to funds to ensure that proper oversight protocols are adhered to.
Businesses may take the following actions to limit the likelihood of financial theft, embezzlement and other forms of financial misappropriation:
- Implement a system that requires people in charge of money to act in the open and in the companies’ best interests.
- Avoid putting just one person or department in charge of the cash and assets by segregating financial responsibilities. Require multiple people to handle the books and require more than one person to sign any company checks.
- Develop procedures to handle physical cash and assets in a safe manner. For example, items of value can be placed in a safe that requires two keys from two employees to open it.
- Allow only certain employees to access certain areas of the building to help limit the number of employees who have access to assets of value. Multiple keys from multiple employees may be required to enter secure areas.
- Use security cameras and financial monitoring software to track employee activities.
As a business owner in Tennessee, one of your top priorities should be making sure that your money and valuable assets are protected. Without the necessary protections in place, you risk your financial stability and your reputation in the business community. However, despite all of these protections, financial crimes may still occur at your place of business. A white collar criminal defense attorney can help ensure that your assets are safe and help you handle any crimes that negatively impact your company.