Fraud Risk Assessment

Specializing in antifraud for

INSIDER THREAT & FRAUD MANAGEMENT.


The first step in effective fraud management is the Fraud Risk Assessment. It provides much more than the inputs required for a risk-based annual audit plan. The results of the evaluation begin the process to allow for the determination of risk appetite, tolerance levels (+/- %), key risk indicators (KRIs), identification of anomalies, and the development of predefined management actions and communication strategy in response to exception reporting.

Benefits of the fraud risk assessment include:

  • Visibility into the organization’s fraud risk;
  • Understanding of the risks by department and scheme;
  • Prioritize antifraud efforts and allocate resources effectively by focusing on the risks with the greatest impact and likelihood first;
  • Quantify impact and likelihood for COSO Enterprise Risk Management (ERM);
  • Benchmark for Key Risk Indicators (KRIs); and
  • Specific product recommendations for Information Security (InfoSec) authentication risks to mitigate the occurrence & impact of cyber-attacks.

Our proprietary risk assessment consists of two main parts:

  1. We ask a myriad of questions through a questionnaire and those answers become the inputs for our statistical model. The resulting report is an approximately 45-page detailed statistical fraud risk report; and
  2. An in-person evaluation that consists of interviews, walk-throughs, document review, and observation. The resulting report will highlight the primary fraud risks and provide recommendations specific to your organization.

Organizations with a fully implemented antifraud program can begin to shift from a purely reactionary response to a proactive model where prevention is the focus. We can address any of the following areas to help you get to the next level.

Global Antifraud Program

 

Request a Consultation today.


 

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