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Integrity Matters
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Governance, Integrity & Compliance Software Company
Governance, Integrity & Compliance Software Company

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Continuing our FraudLens series, Integrity Matters shines its searchlight on the major fraud stories that erupted in the second half of 2015.
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A round-up of the major stories that heated up the compliance conversation this past year, through the Integrity Matters lens.
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We've been serious all year.. so here's whistle-blowing, on a lighter note :) 
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Integrity Matters in Economic Times
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Integrity Matters covered in Mumbai Mirror.
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Integrity Matters is proud to partner with The Economic Times for the 2014 Fraud and Investigation Summit. Join the elite delegation at Hyatt Regency Mumbai on Sep 26th, 2014, as they discuss the latest developments in Corporate Fraud and Investigations.
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SEBI is making Whistleblower Mechanism mandatory from Oct 1. Integrity Matters service makes it more effective in detecting workplace malpractice. More on this development in Business-Standard.
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One way to make corporate whistleblowing work.
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Role of Integrity Hotlines in Retail Loss Prevention
August 01, 2014

India has the dubious distinction of the highest rate of retail shrinkage (a reduction or loss in inventory) due to shoplifting and theft — in the world. At 2.7%, Indian retail lost INR 9295 crore during a one year period ending June 2012 (the latest period for which data is available)*.  This correlates with the lowest investment by Indian companies in loss prevention measures and systems.

However, this seems to be changing fast as many leading retailers are investing in electronic surveillance, RFID tagging, transactional data analysis and more to strengthen their anti-fraud measures. One important tool widely used globally to detect theft and misconduct is robust vigilance in the form of incident reporting hotline and case management system.  Good intelligence is often the best defense and there is no better source of this information than from the vast majority of your employees who are honest and ethical. Corrupt and illegal behavior often goes undetected because your employees and those of your suppliers, aware these things are going on, fear the consequences to themselves and others of reporting them through existing internal channels. 

Globally, robust vigil mechanisms have delivered a substantial amount in terms of understanding of internal problems as well as supporting detection of crime. However, Indian retailers have just begun to adopt this measure due to a prevailing anti-whistleblower culture and a concern the program would not be effective or there wasn’t a need, because they thought employees would express theft concerns directly to management. Our analysis of global data highlights the need and effectiveness of a hotline program in organized retail.

On Average (median) -
 - 11 incidents reports received per 1,000 employees
 - 70% did not report to the management prior to contacting the hotline
-  60% of the reports were made anonymously
-  40% of reports were substantiated
 - 56% reports related to misuse and misappropriation of corporate assets
 - 83% of cases warranted investigation, with 54% leading to corrective action
 - 67% of reports were submitted via third party telephone hotlines and web reporting system
 - The incident rate in retail is the second highest among all industries. It also has the highest rate of incidents related to collusion between internal staff and a third party

With statistics like these, it is clear that hotlines and incident management systems have a definite place in the loss prevention landscape. Finally, for those responsible for making a key business decision, this is one key way to verity if what they are being told is accurate.

- Integrity Matters
Source: Global Retail Theft Barometer, June 2012
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