Managing fraud risk: prevent, detect, and respond

Managing fraud risk differs from other risks as these intentional misconduct are specifically designed to evade detection. Organisations need to realise the importance of addressing fraud risks strategically and move away from being reactive, to adopting a proactive approach.

Understanding fraud

Fraud, an intentional act of deception for financial or personal gain to the disadvantage of others, is an issue faced by all organisations regardless of size, industry, or location. Fraud manifests itself in many different forms and originates from sources both internal and external to an organisation.

Components of an effective fraud control strategy

Organisations need to do more than just detect and remedy fraud instances in isolation. An effectively designed, implemented, and managed fraud control strategy needs to be tailored to the organisation’s specific risk profile.

Deloitte’s continuous improvement approach to fraud risk management

Fraud risk management is not a one-off exercise but a dynamic process. As organisations grow and evolve, so does their fraud risks. Deloitte’s continuous improvement approach to fraud risk management requires regular measurements of where the organisations are and where they want to/can be in terms of detecting and preventing fraud.

360° approach to fraud risk management

How can Deloitte help?

  1. Fraud risk management capabilities gap analysis
  2. Data assessment and continued transaction monitoring
  3. Fraud risk assessment
  4. Fraud risk awareness training
  5. Fraud risk management policy and fraud response plan
  6. Whistleblowing mechanism

Download our brochure to learn more about how Deloitte can help your organisation manage fraud risks.

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