Article

Forensic

Fraud and Corruption Risk Management

Organisations want to implement proactive measures to prevent and detect fraud and corruption. Organisations must recognise the need for having policies and procedures in place but also understand the need to empower your employees to know and understand fraud and corruption.

Fraud and Corruption Risk Management

Fraud and Corruption Risk Management’s main objective is to augment and enhance your risk intelligence capabilities, to know the fraud and corruption risks facing your organisation and to implement the appropriate controls to treat the identified risks. Your organisation will need to implement proactive measures to prevent and/or detect fraud and corruption. Your must also recognise the need for having the appropriate policies and procedures in place to assist with the prevention and early detection of fraud and corruption, and also specifically recognise the need to empower your employees to know and understand the essence of fraud and corruption, how to report it and the impact thereof on their day to day activities.

For your organisation to implement fraud prevention and early detection measures will not only supplement your current control environment but will also proactively promote the ethical culture within your organisation. This can be achieved through the implementation of an integrated fraud and corruption risk management process. The main objectives of implimenting an integrated fraud and corruption risk management process at your organisation will be to ensure that your organisation has the appropriate fraud and corruption prevention policies in place, that your organisation is fully aware of the current fraud and corruption risk areas that faces the entity, and lastly, ensure that your organisation has appropriate control measures in place to treat/mitigate the fraud and corruption risk areas identified – both preventative and detective controls which include for example fraud awareness training sessions, declaration of interests, end to end process descriptions for key business processes, continuous monitoring etc. 

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