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White collar crime essays A New Approach to Combating White-collar Crime INTRODUCTION Due to the magnitude of white-collar crime in this country (R3,6 billion losses annually) and globally, companies can no longer ignore this growing problem. Apart from the huge financial implications, white-collar crime also has other detrimental effects on companies including loss of reputation, the undermining of competitiveness and the erosion of credibility. Traditionally, companies followed an ex post facto approach to fraud - damage control was attempted only after the fraud had occurred. However, such an approach has numerous disadvantages of which one is the cost element: Huge losses may have been incurred which may be impossible to recover. Forensic investigations may be necessary requiring experts who charge high rates, implying further costs to the company. A NEW APPROACH It is proposed that organisations should concentrate on the prevention of white-collar crime in the first instance, rather than discovering that fraud has occurred ex post someone write my essay for me history. The advantages of a pro-active Your essay writing jawaharlal nehru to crime are numerous and include the following: •It is cost effective. •It ensures containment of fraud in an organisation. •It preserves the good reputation of the organisation. •Investor confidence may be boosted. •It maintains a healthy morale in the workplace. •It deters future criminals from attempting fraudulent activities. PRINCIPLES OF PREVENTATIVE FRAUD CONTROLS The following Your essay writing jawaharlal nehru some principles that should be applied in controlling fraud in a preventative way: 1. Early awareness creation which includes the training of Directors, CEOs, Managers of companies and other senior staff in the nature of white-collar crimes. 2. The establishment Your essay writing jawaharlal nehru a fraud prevention plan in an organisation. · This includes the development of codes of conduct. · Identifying the commercial crime risks in the organisation. · Development of internal and external crime reporting p.