Fraud Risk Management
Fraud Risk Management: providing insight into fraud prevention, detection and response The Association of Certified Fraud Examiners (ACFE) states that fraud can “encompass any crime for gain that uses deception as its principal modus operandus”. Regardless of the size and complexity, all organizations are subject to fraud risks while only relatively few major frauds are picked up by the media, huge sums are lost by all kinds of businesses as a result of the high number of smaller frauds that are committed. Latest surveys show that organizations are losing an estimated 5% of their annual revenues to fraud. Therefore, organizations should increase their focus on fraud risk and take the opportunity to consider, enact and improve measures to detect, deter and prevent fraud. To do so, it is a pre-requisite for organizations to have a strong anti-fraud stance and proactive, comprehensive approach to combating fraud.
Fraud Risk Management Consultancy
•Fraud risk training and awareness •Establishing fraud risk governance policies •Performing periodic assessment of fraud risk •Designing and deploying fraud preventive and detective control activities •Conducting fraud investigations •Monitoring and evaluating the total fraud risk management program