Enforcement of existing procedures to prevent future cash losses

TO          :All CMOs/in charge

FROM    :   Office of Senior Managing Director

THRU     :    GM Madel

cc:      HR

Goals:

1.  To reach 0 loss of cash accountability

2.  To reinstill professionalism and discipline in the workplace

3.  To level up our morale and performance

Background:

We have reported unaccounted for cash accountability at Calamba in the amount of more than P800,000.  A huge loss and this came in the wake of an earlier reported huge loss of the same nature.

For the last 30 years, we had similar lessons that is why we instituted processes and structures to prevent this.  Now the new people, new hires and even the new management must have overlooked and and failed to observe these:

In the mean time we file appropriate administrative sanction vs the employees employed and file criminal cases and have the culprit jailed without mercy, including civil case to recover the amount stolen to serve as strong warning and lesson to everyone.

WTDN:

1.  Proper hiring.  BI completely and double check.   Get the necessary reference letters and check.  THIS IS A MUST>

2.   Get surety bond for those handling cash.  They could be personal surety and /or property surety.  Do this even if we have to pay the premium 

3.   In the job description, those handling cash must not handle accounting records.  Make sure this is in the admin plan/job description.  Make sure this is the actual practice.

4.  The work process must be properly observed, observe the MC on treasury and cash management and the abstract.  

     The daily abstract must be filed daily together with scanned copies of OR, deposit slips.  The hard copy must be collected weekly.

    Enforce the practice daily. Should any one fail to do this for a day, the red flag must be raised and the culprit must be visited ASAP and suspended.

5  Let us cleanse our ranks of staff who are incapable of understanding and obeying our procedures.  We need constant and serious, determined hiring efforts which must not be happening

6.  Constant hiring. High level hiring

Jorge  U. Saguinsin

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