Mitigating risk is a responsibility most employees in a management position will be tasked with handling. Running an automotive fleet company comes with its own risks. Preventative countermeasures protect a company. By enforcing risk management practices, a company can reduce or stop fraudulent behavior.
Risks Associated with the Automotive Fleet Industry
Unauthorized purchases remain the biggest threat to businesses within the automotive fleet industry. Without limits, employees are more likely to partake in fraudulent behavior, like making unnecessary purchases in the convenient store on snacks or other items. Employees might also use the fleet card to fill up their personal vehicles. These risks can be minimized through fuel card limits and restrictions.
Methods of Risk Management in the Automotive Fleet Industry
The first step to proper management within the industry is determining the limits needed for a company’s fuel cards. Impac offers account management services. This service allows Impac representatives to review current limits in place and provide personalized recommendations for a company. The first thing a representative will help decide is whether the card should be attached to a vehicle or employee. From there, restrictions like date or time limits, spending maximums and limits on types of purchases can be implemented to reduce risk.
A 24-hour review of all fleet cards also helps manage risk. Each day, Impac searches a company’s fleet cards and reports any fraudulent behavior to management. Impac also tracks every call, email and case as another form of risk management. With any claim, Impac’s personal support representatives can refer to previous conversations to quickly provide information and solutions.
Contact us for more information on how your automotive fleet company can practice risk management.