Fraud Risk assessment
Description
Prevention is the most effective method of protection against fraud. To create an effective anti-fraud strategy, one first needs to identify the risks of fraud within the organization. Without recognizing such risks, the company management exposes itself to potential financial loss and negative impacts and cannot effectively manage the organization.
Our procedures
Fraud risk assessment is a process focused on the identification of vulnerabilities in terms of fraud. The objective is to ascertain what creates the potential for fraud, to identify the areas at greatest risk, and to recommend actions to eliminate these threats.
Although the results of fraud risk assessments are primarily designed for company management, they might also be requested by the company’s external auditor.
Our approach to fraud risk assessment of an organization consists of:
- Identification and mapping of fraud risks
- Fraud probability and significance assessment
- Assessment of existing and proposal of new internal controls, efficiently detecting potential fraud risks
- Introduction of measures to reduce fraud to the lowest degree possible
Client benefits
The results of our work will help you to:
- Find out where your organization is exposed to risk of fraud
- Reduce your costs by identifying weaknesses and preventing fraud
- Mitigate identified risks by introducing effective controls
- Improve communication and awareness of fraud within your company
- Bring your company management into compliance with the requirements of legislation and international standards
- Improve your company’s reputation as an organization active in the fight against fraud
