Fraud Risk
Every organization, regardless of form and size is at risk of fraud. Effective fraud risk management is required to block security loopholes through which fraudsters might otherwise reach a business. Effective fraud risk management entails:
- Implementing a fraud risk governance policy that can effectively increase fraud awareness among employees, ensure continuous fraud risk monitoring, include research on market fraud prevention and mitigation technology, and contains detailed descriptions of the fraud investigation process.
- Frequently assessment of organizational fraud risks helps the leadership understand its risks and vulnerabilities, review existing controls, and understand how to implement appropriate fraud risk management strategy across departments
- Implementing procedures to prevent fraud risk entails implementing policies, controls, software, and procedures that will prevent (or reduce the chance of) fraud by reducing the three elements of the fraud triangle (motivation, rationalization and opportunity).
- Implementing fraud detection and halt mechanism before it does a major damage is important. Every organization needs reporting mechanisms that monitor anomalies, such as exception reporting, data mining, trend analyses, etc.
- Creating a culture and platform where employees feel safe to report fraud, whether they choose to report openly or under anonymity.
FCRM Limited’s team of experienced fraud risk managers will not only recommend and execute preventive meaures, we also help detect, investigate and correct any fraud in your organization.
