Sports Organization Embezzlement Claims On The Rise

Sadler Sports & Recreation Insurance has studied its internal claims data under the Crime Policy from 1999 to 2010 and found that reported claims for its sports leagues have increased by 681% starting in 2009. Other blog postings have suggested that the bad economy is behind the sudden increase.

Now is the time for all sports organizations to implement risk management controls such as:

* requiring joint signature on checks

* requiring bank account and credit card reconciliation by someone not authorized to deposit or withdraw

  * conducting an annual audit of financial affairs and taking an equipment inventory

Source: Sadler Sports & Recreation Insurance

Filed under: Crime
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