Everyone knows that fraud risks are out there, but not everyone is equipped to recognize and reduce the impact of fraud. A fraud risk assessment is an essential component in helping organisations protect their people, assets and reputations.
An effective fraud risk assessment is tailored to an organisation’s industry and it’s operations. It should be performed on an annual basis and refreshed when a change in the internal or external environment occurs.
Fraud risk identification is best performed by gathering relative information on fraud risk’s from a variety of sources within the organisation and the industry type. This enables management to consider the totality of fraud risk threatening the organization, as well as the impact of incentives, pressures, opportunities and anything else that may lead to fraud.
Management should implement effective anti-fraud controls. This will involve a combination of manual and automated fraud prevention and detection techniques that enables the organisation to monitor for indicators of fraud.
Uphando Forensic & HR Services helps clients address fraud risk proactively by understanding where it can occur and implementing strategies to combat it.
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