India is a land of perse cultures and follows unity in persity. India has been fastest growing economies in the world thanks to the strong economic policy and solid fundamentals. Even though India’s economy looks promising many of the international investors have shown low confidence, due to various scams and frauds that are plaguing India’s growth. The KPMG India Fraud survey 2012 is an eye-opener for every Indian corporate and they need to take strong steps to tackle this issue. Most of the frauds are carried out by people who are working for the organization or associated with them they can senior management, vendor or agents, or non-managerial employees. Some of the processes vulnerable to frauds are Inventory, Procurement, sales and distribution.
One of the most effective ways to detect fraud is having a whistleblower mechanism at your workplace. uKnowva the enterprise collaboration software has built-in whistleblower feature that allows employees to report any dishonest, corrupt practices, suspected fraud, or unethical behavior to the concerned department. The best part of this feature is you can report it anonymously, without revealing your identity. Every year millions of dollars are lost due to fraud and this also put a dent on India’s corporate image in front of global investors. Some of the most notable scams India has seen in recent times include Satyam which was roughly around 2-3 billion dollar, then common wealth games, Adidas-reebok, OnMobile etc. Today with technology penetrating every aspect of human lives the corruption are becoming sophisticated and more complex in nature. Some of the common frauds are bribery and corruption, e-commerce related cyber fraud, persion of funds, financial statement fraud, money laundering, Intellectual property fraud etc.
uKnowva whistle blower feature is a one of the best tools that an employee can use to report the fraudulent activities. If you need more information about uKnowva the enterprise collaboration software then visit www.uknowva.com or mail us at info@uknowva.com or call us at 022 2513 6632
