Identify risks, prevent fraud!
Identifying and securing vulnerable areas within your organization reduces opportunities for fraud and increases the fear of detection, deterring fraudulent activities.
Knowing the fraud risk is the first step in deterring the perpetrator
When employees perceive that fraud can go undetected, the temptation to engage in fraudulent activities intensifies. At Cerebra, we approach this challenge strategically: By pinpointing vulnerable areas within your organization and implementing proactive measures, we minimize opportunities for fraudsters and instil a heightened fear of detection, thus deterring fraudulent behaviour.
Identifying your company’s fraud risks and vulnerable areas is a nuanced process. It entails more than just analyzing financial data or scrutinizing business processes; it requires an understanding of human behaviour and motivations.
Drawing upon our extensive investigative experience and successful fraud risk management projects, Cerebra specializes in identifying and evaluating your organization’s fraud risks. We provide tailored recommendations and guidance to empower you to take decisive and effective actions against potential threats.
The method we employ for assessing fraud risks encompasses several crucial phases:
1. Identification of Risks and Fraud Scenarios
During this phase, we meticulously identify potential risks your company may face by considering various factors such as general types of fraud, company-specific fraud scenarios, and underlying motivations. This involves conducting interviews with company managers and process owners, examining whistle-blower reports and past cases, analyzing data, and understanding sector-specific fraud risks.
2. Assessment of Risks
We evaluate the likelihood and potential impact of identified fraud risks and scenarios, drawing insights from historical data, known instances of fraud, and discussions with business process owners. Subsequently, we categorize and prioritize these risks.
3. Determination of Existing Controls
As part of the fraud risk assessment, we meticulously review the existing preventive and detective controls related to the identified scenarios. We assess their effectiveness in mitigating the risk of fraud.
4. Recommendation of Future Controls
Following the evaluation of existing controls, we identify any residual fraud risks that may persist. We then design tailored preventive and detective controls, along with refined business process procedures, to mitigate these risks effectively.
5. Reporting
Our activities are consolidated and presented through a Risk & Control Matrix. This tool encapsulates vital information such as process details, identified fraud scenarios and risks, existing controls, assessment findings, and recommendations for anti-fraud controls and process enhancements. The Risk & Control Matrix equips you with the necessary insights to conduct fraud risk assessments internally with ease.
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