Every organization is susceptible to fraud if the correct preventative steps aren't taken. With the right financial controls in place, including the frequent use of to pay personal expenses.
In addition to serving the prison sentence, Lord is required to pay $640,000 in restitution, the news provider reported.
According to Michigan's Attorney General Bill Schuette, it's critical for companies to implement the right financial policies to stave off embezzlement. These include ensuring that all payments and reimbursements are accompanied by documentation, engaging in extensive record keeping and making sure to assign several employees to money-related duties.
Karl Andersson has devoted his career to helping organizations improve their business processes. For 15 years, he has worked with multitudes of Fortune 500+ companies as the CEO of Technology Insight. Before this, he spent 10 years working in the audit and consulting sectors, which included large international projects in both Europe and Asia.
Karl brings a combination of industry expertise and real-world experience. The diversity of his clients has allowed him to understand a variety of industries, and the unique challenges that each of them face.