How to coordinate your counter fraud approach?

There should be two key considerations in designing your approach

1. flow of information
2. performance and improvement

Four elements to consider when introducing or enhancing your counter fraud approach.

1. Annual profile of fraud risk
2. Fraud risk assessment
3. Risk framework
4. Counter fraud strategy

They’re all interlinked to assist the flow of information and

should be used as part of a continual improvement process.

Your annual risk profile helps document the types of fraud

• you are being targeted by
• where you are being targeted

Your risk assessment confirms

• expertise, capacity and controls in place
• adequacy of these capabilities

Your risk framework might include

• operational policies and procedures in place
• integration of compliance activities

and finally,

Your counter fraud strategy

that will be defined by the outcomes of your 

• profile, assessment and framework
• solutions needed to mitigate risk

This approach to fraud risk has two key benefits,

1. supports the flow of risk information
2. consistent assessment of risk mitigation

So, formalise your approach to fraud

and as always, Keep it simple. 

What would you do differently?