Fraud Risk

Building confidence in your fraud risk framework

Overview


In a fast-changing environment, where the risk of fraud is increasing and fraudsters are adopting new ways to scam, the importance of firms maintaining robust frameworks to detect and prevent material fraud from occurring is ever more apparent. There is also increased focus and desire to strengthen the responsibility and accountability of those charged with governance on the prevention and detection of fraud from the government and the regulators.

Against this backdrop, organisations are now increasingly considering how they can gain comfort over their fraud risk assessment and fraud risk frameworks to help protect against future financial loss and reputational damage.

This document examines the drivers for the increased appetite for effective fraud risk management; key themes behind recent fraud cases; the possible need to gain comfort over the fraud risk framework and how to prepare for it.

Expectations on Fraud Risk Management

Not withstanding the increased recent focus on fraud, the responsibilities of those charged with governance and management in relation to prevention and detection of fraud has not changed.

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Key themes behind recent fraud cases

The risk of fraud is driven by a diverse set of factors. It is important for firms to continuously learn and improve and the recent fraud cases provide valuable insight. In this section we explore key themes from the recent fraud cases.

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Fraud risk management framework

For organisations to successfully respond to the risk of fraud, a robust fraud risk management framework which is fully integrated in the overall risk management is necessary. An illustrative fraud risk framework is presented highlighting some of the key components.

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Key steps to enhance fraud risk management

Due to the increased regulatory and public scrutiny, there is even greater need for firms to gain confidence over the fraud risk management framework. We present the key steps organisations should follow to improve their fraud risk management.

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Our Fraud Risk practice is comprised of professionals with deep forensic, fraud advisory and assurance expertise. We specialise in supporting organisations go through this journey to prepare and gain confidence over their fraud risk management framework and fraud risk assessment.

Key contacts

If you would like to discuss any matters related to Fraud Governance, Risk and Controls or have any questions, please contact:

Mark Cankett

Partner, Fraud Governance, Risk and Controls Lead

+44 (0)20 7007 5150

Email Mark

Fraser Beveridge

Director, Fraud Governance,
Risk and Controls

+44 (0)20 7303 5851

Email Fraser

Christos Doumas

Associate Director, Fraud Governance, Risk and Controls

+44 (0)20 7303 6961

Email Christos