The purpose of this plan is to define processes, responsibility and authority levels, responsibilities for action, and reporting lines in the event of a suspected fraud or irregularity. The use of the plan should enable the institution to:
- prevent further loss
- establish and secure evidence necessary for criminal and disciplinary action
- notify OfS if the circumstances are covered by the Regulatory advice 16: Reportable events
- comply with OfS condition of registration, D4 - Having the necessary financial resources to comply with all conditions of its registration
- recover losses
- punish the culprits
- deal with requests for references for employees disciplined or prosecuted for fraud
- review the reasons for the incident, the measures taken to prevent a recurrence, and any action needed to strengthen future responses to fraud
- keep all personnel with a need to know suitably informed about the incident and the institution's response
- inform the police and establish lines of communication with the police if required
- assign responsibility for investigating the incident
- establish circumstances in which external specialists should be involved.
These matters are dealt with below.