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NerveWire Inc.’s Fraud Triangle Application Essay


It is necessary to mention that numerous approaches that would help to maintain the image of the company and avoid possible risks have been developed over the years. Fraud deterrence is particularly interesting because it is believed that an enterprise should take all the necessary measures to ensure that scam is prevented. The concept has gained popularity over the years because there have been many firms that took advantage of their clients. NerveWire has to deal with numerous difficulties, and system integration is an area that is considered problematic in this case. Moreover, it would be beneficial to apply the principles of the fraud triangle to attract more customers.

The theory suggests that one of the factors that could influence the behavior of workers should be eliminated, but it would be beneficial to address all the areas to achieve the best results. One of the most significant aspects that should not be overlooked is that employees are pressured to participate in such activities because of the financial situation. It is necessary to understand that the number of workers in the company is rather small, and it would not be a hard task to monitor all the activities.

On the other hand, it is nearly impossible to control all the activities. Furthermore, it is important to establish a supportive atmosphere, and well-developed policies are also crucial. Employees should be aware that they are valued by the enterprise, and they should be provided with numerous opportunities for personal development. Another aspect that needs to be highlighted is the rationalization. The problem is that some employees may think that such an approach is reasonable, and they should take advantage of the opportunity to commit fraud. However, it is paramount to focus on the education of employees and discuss severe complications that may occur. A system that accepts reports also needs to be established.

The issue is that many workers may be afraid to deliver such information because they are worried that it may affect their reputation, but they should understand that it may hurt the organization. Opportunity is also present in the company, and this issue needs to be resolved. Current internal controls may not be viewed as efficient, and the enterprise may consider the development of new strategies. Some of the information may be falsified if an individual abuses his or her position within the firm.

Furthermore, it would be useful to integrate a system that would keep track of all the funds and activities. Need to hire professionals in this area may also be considered because they would help throughout the process and can share their experience. It is understandable that it may not be an easy task to justify such expenses from the perspective of the economy, but it would be beneficial in the long-term.

In conclusion, it is evident that the concept of the fraud triangle needs to be applied in NerveWire because many enterprises are too worried about possible complications because they lack the understanding of system integration. It is imperative to acknowledge the fact that the image of the company would be hurt in case of fraud, and it would be hard to recover the level of trust and maintain customers. Furthermore, a lot of time and resources should be devoted to fraud deterrence because it has become a vital part of operations.

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IvyPanda. (2020, September 7). NerveWire Inc.'s Fraud Triangle Application. Retrieved from https://ivypanda.com/essays/nervewire-incs-fraud-triangle-application/

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"NerveWire Inc.'s Fraud Triangle Application." IvyPanda, 7 Sept. 2020, ivypanda.com/essays/nervewire-incs-fraud-triangle-application/.

1. IvyPanda. "NerveWire Inc.'s Fraud Triangle Application." September 7, 2020. https://ivypanda.com/essays/nervewire-incs-fraud-triangle-application/.


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IvyPanda. "NerveWire Inc.'s Fraud Triangle Application." September 7, 2020. https://ivypanda.com/essays/nervewire-incs-fraud-triangle-application/.

References

IvyPanda. 2020. "NerveWire Inc.'s Fraud Triangle Application." September 7, 2020. https://ivypanda.com/essays/nervewire-incs-fraud-triangle-application/.

References

IvyPanda. (2020) 'NerveWire Inc.'s Fraud Triangle Application'. 7 September.

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