Safety In Numbers

East Coast Fraud & Risk Management Group

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WHAT HAPPENS WHEN VENTURE CAPITAL STOPS INVESTING IN YOUR START-UP?

Posted on 20 June, 2022 at 8:45

WHAT HAPPENS WHEN VENTURE CAPITAL STOPS INVESTING IN YOUR START-UP?

Recently I read a local article that said a sixteen year old had raised $700,000 for his start-up. In my day when I was sixteen I would not have been able to raise $700. Of course he must be an amazing young man with a great idea and I’m sure that he has very qualified and experienced people working with him. I mention this only to illustrate the state of the venture capital industry, where cheap money has ...

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ENTERPRISE RISK MANAGEMENT - EXPECT THE UNEXPECTED

Posted on 3 June, 2022 at 9:30

ENTERPRISE RISK MANAGEMENT–EXPECT THE UNEXPECTED


Whenever I hear the word “ENTERPRISE” It always reminds me of the U.S.S. Enterprise the space ship on the Startrek series we use to watch as kids on Saturday mornings.


The actual meaning of Enterprise is 1. A project or undertaking that is especially difficult, complicated or risky 2. Readiness to engage in daring or difficult action. So I think the creators of Startrek appropriately named t...

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MANAGING NET INCOME LOSS EXPOSURES

Posted on 7 April, 2022 at 10:25

MANAGING NET INCOME LOSS EXPOSURES

 

Back in December of last year, I woke up one morning to find that I had no water because of a water main break. Without H2O it really limits your activities, you cannot shower, flush toilets, cook or get a drink of water. My water cooler in the kitchen was empty and I had forgot to fill up the water jug in the fridge. The only water I had was about 2 litres in a 4 litre bottle I use for working out. As a ...

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THE OTHER PANDEMIC - EMPLOYEE FRAUD

Posted on 31 January, 2022 at 9:50

THE OTHER PANDEMIC – EMPLOYEE FRAUD

I’m writing this to raise a red flag to employers in regards to the amount of employee fraud occurring during the Covid 19 pandemic. Last year we worked on three large employee frauds, all well over a hundred thousand dollars (I am being vague because these are all active cases). Two were accounting frauds and one was embezzlement of an organizations assets. I am also aware of two other companies that had a large empl...

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V.I.P. SECURITY IS NOT JUST FOR V.I.P.'S ANYMORE

Posted on 17 January, 2022 at 10:35

V.I.P. SECURITY IS NOT JUST FOR V.I.P.’S ANYMORE

It’s time to review your personal security

After having discussions with some of my existing clients and receiving a number of enquiries lately from individuals and corporations about keeping people safe. I thought it was time to have a discussion on personal security.

While the risk of being a victim of crime has always been there, there are a lot of factors that have changed over the cour...

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BACK TO THE FUTURE - How Software Enhances Risk Management

Posted on 19 November, 2021 at 13:35

BACK TO THE FUTURE – How Software Enhances Risk Management

By Darrell Smith CFE, ARM, CIM, FCSI

 

Back in 1985 two accountants from Bedford, Nova Scotia developed the Bedford Accounting Software program. Later, Bedford was sold and became Simply Accounting and then Sage Accounting, as it is known today.

Before computerized accounting, transactions had to be entered manually into sixteen column journals. When you made a payment on an account using the double...

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WHEN DOES AN EMPLOYEE GO FROM BEING A HUMAN RESOURCES ASSET TO A HUMAN RESOURCES LIABILITY?

Posted on 29 April, 2021 at 9:15

Darrell Smith CFE, ARM, CIM, FCSI

WHEN DOES AN EMPLOYEE GO FROM BEING A HUMAN RESOURCES ASSET TO A HUMAN RESOURCES LIABILITY?

There is an ongoing debate about whether an employee is an asset or a liability. Some say they are an asset because they add value, others say they are a liability because there is a cost to employing them through wages and benefits. Regardless of what position you take on this, there is one thing we all can agree on. Employees are essential for the ...

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BECAUSE OF COVID 19, IT'S TIME FOR A STRATEGIC MANAGEMENT RISK ASSESSMANT!

Posted on 5 March, 2021 at 9:55

BECAUSE OF COVID 19, IT’S TIME FOR A STRATEGIC MANAGEMENT RISK ASSESSMANT!

Darrell Smith CFE, ARM, CIM, FCSI

 

In November of 2019, we ran a digital ad “How to Prepare Your Business for the Coming Recession”. While a number of people who responded to the ad had genuine concerns, the interesting thing was a lot of business owners said that their business was doing the best ever and that their company was sound and the economy was great. Five month...

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WHY SMALL BUSINESS AND START UPS NEED A GOVERNANCE AND COMPLIANCE PROGRAM.

Posted on 5 March, 2021 at 9:50

WHY SMALL BUSINESS AND START UPS NEED A GOVERNANCE AND COMPLIANCE PROGRAM.

Darrell Smith CFE, ARM, CIM, FCSI


Most small businesses are run by one or two entrepreneurial owners, with most day to day business decisions being made by the owners and senior managers. The external stakeholders, do not have an active role in the decision making process.

The stakeholders are, shareholders, lenders including banks and family, employees, suppliers, contractors regula...

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NOT HAVING A WHISTLE BLOWER HOTLINE IS LIKE GOING HOME AND LEAVING THE DOORS UNLOCKED AT NIGHT

Posted on 5 March, 2021 at 9:45

NOT HAVING A WHISTLE BLOWER HOTLINE IS LIKE GOING HOME AND LEAVING THE DOORS UNLOCKED AT NIGHT.

Darrell Smith CFE, ARM, CIM, FCSI

You wouldn’t finish your work day and then go home and leave the doors unlocked to your business. Of course you wouldn’t. Not only would the unlocked door create an enormous security risk, you probably wouldn’t sleep that well. So not having an employee reporting hotline is like leaving the doors unlocked and hoping that you’...

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