Construction contractors need to be weary and prepared for encountering fraud in the industry.
It seems like instances of construction fraud have been in the news a lot lately, and that's probably because there has been a concerted effort to crackdown on construction fraud. However, construction contractors still need to be weary and prepared for encountering fraud in the industry.
Protect Your Business From Fraud
Elan Parra, managing director of Lemire LLC, recently wrote an article for ConstructionDive offering five measures that could help construction contractors prevent against construction fraud damaging their business.
- Make due diligence screening a requirement for any company you do business with
- Designate a chief compliance officer to manage due diligence efforts and conduct regular, ongoing reviews
- Compliance officers should be empowered to analyze payroll, invoices and contracts and have access to everyone on a jobsite
- Consult with experienced compliance professionals who can help establish compliance protocols
- Make sure everyone in your organization clearly understands the consequences
(more on these five measures to help prevent construction fraud...)
