Yet, for reasons which aren’t immediately clear, many companies are really lax in the identification and prevention of constantly changing fraud risks.
There aren’t many companies that plan to fail. However, there are quite a few companies that certainly fail to plan for fraud risk accordingly and the result can be devastating.
Companies can’t simply throw random “fraud prevention darts” at the board and expect to successfully mitigate fraud. In today’s complex, and often changing fraud era, that simply won’t work.
While the odds are that your company may hit the center of the target occasionally, more often than not, businesses miss the board altogether explaining why there are holes all over the wall next to dart boards.
Companies need to plan accordingly for fraud. This starts with a complex fraud risk assessment to identify and prioritize fraud risks versus just “throwing darts” and hoping you hit the right one.
The failure to adequately assess the changing risk environment in a timely manner significantly increases the likelihood of being targeted by global fraud activity.
Simply put, fraud risk and investigation team performance audits are the foundation (Square One…Ground Zero) of an effective anti-fraud program.
Fraud risk audits are conducted to identify operational risk and vulnerability, predict the probability of occurrence and assess the organization’s ability to detect, manage and mitigate the fraud risk. They’re also excellent tools to gauge effectiveness and benchmark the overall performance of your investigation, anti-fraud and operational teams in the battle against fraud.
At Fraud Solutions, our fraud risk audits and assessments are the critical first step in the fraud risk mitigation cycle.
For more information on how we can help your business prevent risk, reduce major fraud losses and improve operational ROI, contact us to schedule an initial consultation. No obligations…just unique insights from an industry leader.