Fraud Risk Management: Strategies to Protect Your Organisation
Melanie Blain outlines effective fraud risk management strategies to protect your organisation.
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November 26, 2024
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Proactively addressing fraud is far more effective than dealing with its aftermath. While responding to incidents is crucial, organisations can take proactive steps to mitigate the risk of fraud and corruption.
- Start with the tone from the top: Leadership should champion an anti-fraud culture, setting clear roles and responsibilities for fraud and corruption control.
- Educate your team: Roll out tailored fraud awareness training that aligns with your policies and procedures. Test staff knowledge to ensure effectiveness, and regularly update the material to keep it relevant.
- Understand your unique risks: Conduct a fraud risk assessment to identify vulnerabilities and shape effective policies and procedures.
- Tailor strategies to your workforce: A one-size-fits-all approach rarely works. Consider the nuances of operations in different countries, including cultural differences.
- Document and communicate: Develop a clear fraud control plan and ensure there are appropriate reporting channels in place for incidents.
Fraud control should be as ingrained in your operations as compliance with IT usage policies.
FTI Consulting helps organisations identify and manage risks by designing and implementing tailored fraud risk management programs and response plans. These programs are designed to prevent, detect and respond to fraud, corruption and misconduct.
To learn how to protect your business from fraud and corruption risks, contact Melanie Blain or click here for more information.
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Published
November 26, 2024
Key Contacts
Managing Director