When it comes to fraud, unfortunately, no company is immune. From theft to embezzlement, claim mishandling or cyberthreats, risk management and loss are all too common in the 21st century. In fact, a 2022 study by one of the nation’s premier accounting firms found that an astonishing 46% of companies have experienced these problems within the past two years. Interestingly, threats arose from both internal and external sources.
Moreover, the ramifications don’t affect only large corporations. Small companies are particularly at risk. The Association of Certified Fraud Managers reported that businesses with fewer than 100 employees were at the greatest risk, with 42% of these incidents occurring because of a lack of corporate controls to combat the threats.
The good news is that with a well-established and experience assurance group like eMaxx, prevention is possible. eMaxx provides an array of risk management services. They are all tailored to their respective industries and provide unparalleled safety and loss prevention support through a patented eRisk Solutions program: a suite of innovative claims management services that ultimately reduce longterm loss costs. Satisfied clients across the nation have found that these outstanding services have proven to be critical drivers of underwriting profitability.
Niche markets covered include transportation and towing, waste, recycling, energy, utilities, construction and crane & rigging. The programs are supported with a staff of experts with complementary backgrounds and specialties ranging from HAZMAT to Department of Transportation, carrier safety inspection, propane and oil system expertise, oil and gas specialists, construction, health and safety technicians and fire services.
The benefits of prevention are seen in the ultimate cost effects. Consider the staggering estimated $6.5 billion in loss suffered by U.S. companies within two years. Then compare this to the nominal cost of safety program development, driver training, mock audits, OSHA training and telematics management.
Another area of concern for companies is telecom fraud. Ironically, vital companies that are busy growing their business suffer from increased telecommunications threats because it has been proven that the higher the traffic, the higher the fraud incidence. From hacking to call stretching and interconnect bypass, these schemes are increasing. Worldwide, this type of fraud bilked industries a whopping $32 billion in 2019, and the financial damage has only increased since pandemic scammers have preyed on businesses in the past two years.