Fraud Risk Management

  • 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
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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

  • These sessions can help to be conscious of potential fraud indicators
  • These can be customized as per specific organization or company which helps the participants to learn to directly apply working concepts, take away measures and tools to mitigate the fraud risk and promote the ethical environment.
  • Training includes expert speakers, video presentations, group discussions among the employees and role-play exercises

2. Fraud Risk Assessment implementation

  • We guide in management and development of fraud prevention strategies by identifying the risk and their weaknesses in their process and evaluate potential gaps in the framework.
  • This can be achieved through in-depth knowledge of the sector, customized data analytics report results of which are often unexpected by the management
  • Further, a dashboard of anti-fraud control can be implemented which can help to monitor the testing control on ongoing basis

3. Forensic Health Check

  • It will help in quick and easy due diligence procedure  for organizations who do not follow a comprehensive Fraud Risk assessment approach
  • Sometimes a basic check would suffice to assess the organization's health in terms of fraud

4. Organization’s Perception Survey

  • These type of surveys is a popular way to measure the employee’s point of view on the current status of risk management program and processes implemented in the company related to fraud.
  • This type of surveys helps the management to identify its strengths and weakness which enable to improve the fraud risk management planning.

5. Ethics Helpline

  • Our ethical helpline team provides assistance to the employees as well as any third party associated with the organization by providing them with independent channel to report unethical practices

6. Risk Assessment and Fraud Vulnerability Tool

  • This tool helps to evaluate organization’s attentiveness towards fraud as quickly as possible. This diagnostic tool is quite popular and allows a quick response to assess the fraud in an organization

7. Anti-Counterfeiting Risk assessment

  • We can assist in developing and implementing an effective anti-counterfeiting framework

8. Competition Risk Management

  • We help the client to understand key compliance aspect and potential risk of violation of the Competition Act,2002 (as amended in 2009)
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