By Simataa Simataa
RECENT THEFT OF CASH.
When an event of such magnitude occurs don’t sit and cry over split “milk”. Get to work immediately. Mop up and ensure it doesn’t happen again
Immediately I heard of the “Pamela story” I called a banking colleague and asked whether in his bank they had conducted a “postmortem test”, of their cash custodial system.
I have coined my own investigative approach especially in a fraud, theft, or risk crystalization. It called the “iceberg’ approach. Test it take a clear glass, pour some water in, drop in an ice cube and look on the side of the glass at the “ice” at the water level. See how most of it is underwater.
I suspect two things:
1 Pamela didn’t work alone. She is the visible part of the iceberg (the 1/5 who we know)
2 There are 4 others- (4)5 unknown/underwater maybe still in the branch or outsiders.
This principle is in the Bible too. David Vs Goliath. David picked 5 stones ( 1 Samuel 17:40) why?? because Goliath had four relatives (2 Samuel 21: 20-22)
Anyway I leave this to THE Law enforcement agencies.
Let me create another: Here is the P.A.M.E.L.A principle. Going forward
1 PROCESS. Cash custodial process is dual. Dual to the point where the two become one. If one leaves the vault for instance both leave.if one goes to the vault both go etc There are cash limits or simply rules. Where these observed. Here I remember the English saying ” familiarity breeds contempt”. Respect the process.
2 AUDIT: Theft like fraud don’t just happen. There must have been signs. Where the “signs ignored”. Are life audits conducted? Is the “know your employee principle” applied.
3 MOSQUITO BITE: Oooh the sting of one mosquito is so quick but death may follow. Prevention is better than cure. Train your staff. Rotate your staff. Watch your staff. Allow the rules firmly. It’s the “little foxes that spoil the vines,” they get nibble, nibble away – one day you wake up no “vines”
4 ETHICS: Bankers appear to have forgotten the two major principles they stand on : honesty and integrity. It appears to be just a slogan on the emblem. It’s time to re-state them.
5 LITIGATE: Banks are shy when it comes to pursuing for recovery of stolen “property”. The thieves enjoy proceeds of a crime. Quit “silent” dismissals don’t work or deter.. Pursue recovery of thefts and frauds. The 4/5th will fear. It’s a proven fact. I remember in my employment when we begun to recover stolen property and ensure criminals were brought to book : there was a period no fraud or theft was recorded to 4/5 years.
6 ATTITUDE: In banking I was taught that “everyone including the MD is a THIEF (not Chief ) until proved INNOCENT”. Trust is not without grounds or fact. Yes we are a team but…. mentality must be promoted.