FRAUD RISK MANAGEMENT

Our methodology for managing fraud risk is based on the Risk Management Standard AS/NZS 4360, unless the organisation has embraced an alternative. Fraud is defined as obtaining a benefit by unfair or wrongful means. It usually includes deceitful conduct and is not confined to monetary gain.

Our approach is based on:

Identification of areas in which there is inherent fraud risk potential
Identification and valuing of the controls now in place
Analysis and assessment of level of risk
Development of risk treatment strategies - fraud control action plan
Monitoring and evaluation of fraud control plans

• Phase 1- Fraud Risk Management Policy and Corporate-Wide Endorsement
• Phase 2- Organisation of the Fraud Risk Management Effort (Scope)
• Phase 3- Collection of Data and Resources
• Phase 4- Risk Identification and Risk Outcome Process (Questionnaires)
• Phase 5- Identification of Controls and Value of Controls (Form)
• Phase 6- Determination of Likelihood and Consequence (Matrix)
• Phase 7- Prioritisation (Assessment) Criteria (Form)
• Phase 8- Documentation of Acceptable/Unacceptable Fraud Risk
• Phase 9- Development of Risk Mitigation Strategies - Fraud Control Action Plan
• Phase 10- Development of Ongoing Monitoring Controls
• Phase 11- Hierarchical Reporting of Fraud Risk Management Plans

Our focus is on the holistic organisation and is based on an inputs - processes - outputs approach including human resources, systems, complexity, stability, and levels of management and supervision.

Major topics in our approach include: Financial, Legal, Assets, Information Technology, Personnel, Program/Project Funds and Reporting, and Fraud Incident Handling.

For a complete list of our services, please contact us