Fraud Risk Management

Package Inclusion :

  • Diagnose Vulnerability to Fraud
  • Detect gaps in anti-fraud controls
  • Suggest solutions to mitigate Antifraud controls
  • Periodic Monitoring
  • Fraud awareness workshops & training
  • Competition Risk Management

Fraud Risk Management

What is Fraud Risk Management Services?

Fraud follows opportunities and entices weakness. It enables to know where you are vulnerable and when and how to take control.

Having a status of integrity is crucial to safeguarding market confidence and public trust. Inappropriately, fraud and misconduct can seriously weaken such efforts, exposing an organization to legal, regulatory, or reputational damage.

Because of which experienced business leaders work to adopt an effective approach to mitigating these risks. This is especially important in a situation marked by intense scrutiny and rising enforcement.

The area of fraud risk management is gradually attracting the majority of attention as various shareholders have begun to comprehend the negative effects of uncontrolled risk. A strong anti-fraud attitude and positive, comprehensive approach to fighting fraud are now gradually becoming a pre-requisite and any organization that fails to protect itself appropriately faces increased susceptibility of fraud.

As per the Fraud Survey Report 2012, up to 55 percent of the chief executives surveyed that their organizations have experienced fraud in the last two years – fraud is definitely a reality today. All organizations, In spite of their size and sector of operations, can face fraud risks. It is a major concern that can have a devastating impact on an organization’s bottom line, its reputation, and even its continuity.

94% of our respondents have agreed that frauds have become more sophisticated over the years which is making it difficult to detect it. However, it is surprising to note that around

75% of the respondents think that fraud is an inevitable cost of doing business which could lead to tolerant approach towards fraud and which could lead into investing less amount in fraud management controls framework. Likewise, any other risk related to business, fraud risk can also be mitigated by implementing fraud risk management strategies

Fraud Risk management provides a practical approach towards identifying fraud and aim at preventing and detecting fraud at an early stage

Roadmap to Anti-Fraud Controls

We follow a 360-degree approach which includes continuous improvement to diagnose, detect and respond to the fraud which can be done by following the below steps

1. Diagnose Vulnerability to Fraud

Evaluate the current situation and organization’s control over anti-fraud control environment which involves assessing the culture, attitude, and awareness among the employees about their knowledge and response related to the issues of fraud or misconduct.

2. Detect gaps in anti-fraud controls

Estimate management’s existing fraud control framework to detect potential gaps in the fraud controls and establish fraud risk policies through analysis and evaluate the risk of fraud on the basis of ranking(high/medium/low) against existing anti-fraud controls.

3. Suggest solutions to mitigate Antifraud controls

Recommend enhancement of existing controls to mitigate the risk to be implemented on the basis of anti-fraud controls.

4. Periodic Monitoring

Enable continuous checking of the controls with the help of technology, performing forensic data analytics periodically at the process level to alert the management of fraud signals

5. Develop a Fraud Response Plan

Develop a fraud response plan to

  1. To address cases of confirmed fraud
  2. To investigate cases of alleged or confirmed fraud

Key Services provided by us

1. Fraud awareness workshops & training

2. Fraud Risk Assessment implementation

3. Forensic Health Check

4. Organization’s Perception Survey

5. Ethics Helpline

6. Risk Assessment and Fraud Vulnerability Tool

7. Anti-Counterfeiting Risk assessment

8. Competition Risk Management

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