Juggling federal and local regulations can sometimes be overwhelming for Tribal governments. Many Tribes turn to professional Tribal government consulting firms for assistance on such matters such as internal controls assessments, fraud prevention, and improving operational efficiencies.
3 Ways Consultants Are Supporting Tribal Governments
1) Assessing Operational and Financial Vulnerability
Tribal governments are susceptible to operational and financial corruption within their organizations. Working with a dependable and experienced tribal consulting firm can establish a solid baseline of controls designed to increase efficiency and reduce loss, including: Assessing internal controls to prevent or detect fraud.
- Developing operational procedures and policies that streamline business while maintaining the integrity of the Tribe’s core values.
- Developing MICs/TICs: When a Tribal government is planning to develop casinos within their Nation, it is critical to have MICs/TICs in place for compliance purposes.
2) Understanding Potential Threats to the Tribal Nation
One of the biggest threats to any operation is theft and fraud. Potential threats that the Nation may face include:
- Analysis of segregation of duties within various departments to deter potential employee theft or collusion amongst employees. Misappropriation of assets can and does easily occur in many Tribal retail operations Fraud schemes such as kickbacks, billing schemes, ghost employees, and vendor fraud. While sometimes hard to detect, an outside fraud and forensic accounting firm can covertly uncover and assess any fraudulent activities and assist in implementing more effective measures to prevent it from happening again.
Safeguarding of assets is often overlooked in Tribal retail or casino operations. An outside consulting firm can assist with developing customized plans and provide recommendations by operational function to ensure tangible and intangible assets are protected from misappropriation.
3) Identifying Opportunity for Financial Success
Many Tribes have numerous investment opportunities that are potential sources of ancillary income. An outside consulting firm can assess various proposals by providing financial modeling, forecasting or valuation services to better assess the rate of return from each possible scenario that may benefit a Tribe. Tribal governments who have a trusted resource to discuss the management of important financial business matters have a leg up on their competition.
Veriti Consulting is one of the leading tribal government consulting firms in the United States with in-depth knowledge of fiscal management, forensic accounting and fraud investigations. Veriti is also a licensed private investigation agency. Veriti Consulting’s highly skilled and experienced professionals specialize in providing financial consulting services to all types of Tribes and their operations. If you’d like more information about Veriti’s tribal government consulting services, call (855) 232-4310 or email info@VeritiConsulting.com.