How effective is fraud risk management in your Organisation?
Fraud is one of the most substantial threats to viability and sustainability of any Organisation. Damage caused by fraud can go far beyond purely financial losses or regulatory enforcement. It can result in significant adverse business impact undermining relationships, reputation and brands that are essential for the Organisation’s continuous growth and success.
Needless to say that it is much more cost effective to proactively address fraud risks rather than to suffer preventable fraud and spend valuable resources to detect, investigate and remediate adverse consequences after it.
At PwC, we provide comprehensive and practical advisory support across various aspects of fraud risk management, from overall fraud risk diagnostics to designing and implementation of robust fraud prevention frameworks and practices focused on facilitating timely identification and proper response to ever-changing threats and challenges driven by fraud-related risks.
What do we specialise in?
Fraud risk assessment
A thorough fraud risk assessment that accurately identifies the Organisation-specific fraud risks is one of the key mainstays for building an effective fraud risk management capacity and resilience to the risks of fraud. Such an assessment is not a one-off exercise, but rather the one that maximises its value for the Organisation when performed on a systematic and recurring basis.
As a part of fraud risk assessment we support Organisations with:
- Identification and prioritisation of the areas and activities most prone to fraud based on their industry specifics, size, history of past fraud cases and other related matters;
- Identification of inherent fraud risks faced by the Organisations and assessment of their likelihood and magnitude of potential impact;
- Mapping existing internal controls to the relevant fraud risks and evaluation of whether they are operating effectively and efficiently;
- Identification and evaluation of residual fraud risks resulting from poorly efficient or non-existent controls;
- Prioritisation of the residual fraud risks based on their potential likelihood and scale of prospective impact;
- Development of practical tailored recommendations in response to the identified residual fraud risks.
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