Counter Fraud
The risk of fraud is real! Have you considered how resilient your organisation is to fraud? Do you know where the risks are?
Our local counter fraud specialist provides support in terms of assessing your organisation against the functional standards, and can assist you in reviewing your fraud resilience and fraud risk management.
Fraud Management
Fraud is a crime that is
- likely to happen, and increasingly so; and
- unlikely to be seen, being by nature hidden as it relies on deception to occur
To prevent an organisation’s funds being misappropriated by fraud, and therefore undermining the achievement of the organisation’s objectives, it is key to have processes in place to reduce the risk of fraud. These are typically categorised into:
At Elsiarc we have experience in both:
- helping organisations put processes in place and/or providing the role of local counter fraud specialist. Areas of expertise include developing:
- strategy
- policies and response plans
- risk assessments
- online training content
- communications to staff; and
- management information used to detect potential frauds
- providing independent assurance to the Board and management on the controls in place. This can take the form of:
- a fraud resilience review looking at the fraud risk management framework and the processes in place at each of the deter, prevent and detect stages outlined above, as well as the organisation’s response when a potential fraud is detected; and/or
- an audit targeting the organisation’s fraud risks where we work with you to identify the key areas of fraud risk that you would like assurance over and tailor our audit programme on thes
Fraud Resilience Reviews
Our services in this area includes reviewing strategic and operational controls in place to deter, prevent and detect fraud, aligned to counter fraud best practice including the functional standards.
These reviews can be tailored to include areas such as strategy, policy framework, risk assessment, training, culture, awareness and monitoring.
The purpose of the review is to provide assurance that a proportionate, but sufficient, approach is taken to identifying and mitigating fraud in an environment of increasing fraud risk.