Atul Manwatkar was charged with criminal breach of trust for embezzlement of funds to the tune of Rs 40.46 lakhs. Manwatkar had been working as an accountant at the gas and appliances outlet owned by his previous employer- Malti Gajbhiye. During his employment, he managed to fudge the bill books to siphon off this huge sum. He had been siphoning funds since past eight years. Manwatkar also used to pocket the money paid by customers towards cylinder deliveries.
How Post Employment Risk Watch-AuthXtend ™ could’ve helped the employers of Manwatkar
Strict internal controls and periodic audits curb the chances of financial frauds like the one above. That said, organisations need to go beyond address mitigation to cover other risks such as financial frauds, ethical misconduct etc.
Most organizations have adopted pre-employment screening tools to strengthen their hiring processes. While a new hire may come out clean at the time of joining, one can’t assure the status quo. Is there a guarantee that a law-abiding citizen of today won’t be a criminal tomorrow? Would an organisation want to suffer losses like Malti Gajbhiye did before they uncover a potential internal fraudster?
A Post-Employment Risk Watch solution like AuthXtend™ calls for an understanding that dynamic aspect of an employee’s identity and profile need reverification for effective risk mitigation. Details such as past and permanent addresses, educational qualifications and past employment do not change, while aspects like criminal records, present addresses and drug addiction can change and should be checked regularly.
Information is power especially when it comes to employees who work for an organisation, and a periodic screening solution like AuthXtend™ provide right and timely information for maintaining a healthy workforce and environment.
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