Noteworthy inroads to reduce fraud and corruption
Deloitte helps organisations become risk intelligent
Organisations are facing constant threats of fraud and corruption that results in significant financial losses. There is an ever-growing need for companies to build an environment that mitigates fraud and corruption by encouraging and promoting a culture of ethical business practice and by implementing basic and stricter controls, including monitoring. The changing business landscape requires organisations to become risk intelligent by executing strategies to prevent and detect fraud and corruption at every level in the organisation.
Unfortunately, there is a lack of understanding of fraud risk management at senior management level and amongst employees in many organisations. Too often, fraud and corruption is not viewed as a strategic risk. The organisation’s technology driven tools don’t support the prevention or early detection of fraud and corruption. This results in a lack of alignment between the control environment and fraud risk areas.
A comprehensive and effective fraud risk management environment augments and enhances organisation’s risk intelligence capabilities by identifying fraud risks and implementing appropriate controls to mitigate these risks. Organisations need to be more proactive in minimising exposure to financial and non-financial losses. This can be achieved when companies are able to take immediate action should fraud risks materialise.
Deloitte provides bespoke solutions and technology to prevent fraud and corruption
Deloitte’s fraud and corruption prevention services are built around four key elements:
1. Identifying specific fraud & corruption risks - Organisations must have a comprehensive understanding of the risks in order to limit their exposure to fraud & corruption.
2. Mitigating controls – Deloitte’s expertise enhances the ability of organisations to implement a fraud and corruption prevention strategy, related to controls and the use of technology.
3. Continuous Monitoring – The use of data analytics, web-based tools, dashboards and continuous control monitoring enables organisations to receive, process and report on large volumes of data which helps them to rapidly detect and stop potential fraud and corruption.
4. Control Remediation – Once an incident has occurred, a process review which focuses on the root causes can assess the adequacy of current controls and implement remedial action.
By becoming risk intelligent, organisations can use predictive modelling to gain insight, hindsight and foresight and align resources and controls to mitigate fraud and corruption in high risk areas. This in turn empowers employees to assist in the prevention and early detection of fraud and corruption, creating an ethical environment which helps the organisation to be a leader in its industry and the community in which it operates.
For more information on fraud risk management solutions, please contact Kgomotso Ngakane on +27124820548 or email email@example.com