Risk diagnostics and control self-assessment
BDO reported that Fraud in the hotel and leisure industry increased from 331m in 2003 to 1 billion in 2005
HRA's own research on risk reporting procedure indicates that fraud continues to increase when appropriate measures are not taken.
HRA has identified a hotel company that does not implement Fraud Reporting Techniques and relies more on empowerment programme risk to lose more if the ethical code of conduct is not continuosly and transparently implemented.
HRA recognises that there is no established fraud reporting systems in the industry as no one is given the responsibility for tracking it down.
The wide gap between Senior Managers’ insight, who assume that Internal and External auditors are empowered to detect fraud, and auditors who see themselves as policing the internal business process, ignores the people who operate with a criminal intent. Effective Internal Audit Procedure is critical to the survival of the organisation and its honest managers.
Risk Management Techniques provide the final safety net. They must be promoted by Senior Management Team to encourage operational and financial staff to identify and report fraud
HRA works with your internal teams to carry out fraud diagnostic checks in the internal business processes or in specific high-risk areas such as:
1. Reservations , front office and concierges,where money laundering is very likely to take place.
2. High cash volume areas, particularly in restaurant, wine bars, bars and banqueting areas.
3. Payroll, particularly where many part timers and casuals are employed
4. Identify bullying strategies against those who promote ethical values and principles as per PIDA,SOCA,MLR
5. Marketing, procurement and logistics where there might be fraudulent practices
6. Receivable and payable
7. Advertising, sales and promotions
8. Post service areas where frauds could be easily highlighted
Our techniques are already credited with fraud reporting procedures. They are effective and low key.
HRA mentors Internal Audit teams to establish routine fraud diagnostic reporting in SAP, Fidelios, Micros, Sun ,Dream and other accounting software.
HRA engages in self-assessment programmes
We partner with internal teams to identify and deal with risks and comply with accounting ,management and legal standards
New Hotel and Real Estate Development Programme