Follow us on:

Fraud Risk Management

  • Diagnosis for susceptibility to fraud
  • Identifying gaps in anti-fraud Controls
  • Suggest solutions to mitigate Antifraud controls
  • Recommend solutions in order to reduce Antifraud controls
  • Monitoring on periodic basis
  • Drafting a Fraud Response Plan

Request a call back

What does Fraud Risk Management Services mean?

  1. Fraud meets opportunities and calls weaknesses which results in failure. It allows you to know where you are insecure and when and how to assume control of your situation.
  2. Holding a credibility ranking is essential for safeguarding market confidence and public trust. Inappropriately, bribery and corruption may seriously undermine these measures by exposing the company to legal, regulatory or reputational damage.
  3. Experienced business leaders are seeking to pursue an effective approach to alleviating these threats. This is extremely important in a situation of serious scrutiny and increasing enforcement.
  4. The field of fraud risk management is increasingly gaining the bulk of interest as various investors have began to realize the negative effects of unregulated risk. Strong anti-fraud behaviors and a constructive, comprehensive approach to fighting fraud are increasingly becoming a necessity and any company who fails to protect itself adequately risks increased vulnerability to fraud.
  5. According to the 2012 Fraud Survey Report, up to 55% of executives surveyed reported that their organizations have encountered fraud in the last 2 years – fraud is definitely a reality today. Every organisations, despite their size and sector of activity, can face the possibility of fraud. It is a big concern that can have a destructive effect on the bottom line of a company, its image, and even its sustainability.
  6. 94% percent of our respondents accepted that cheating has become more complex over the years, making it impossible to spot it. It is unusual, however, to acknowledge that
  7. 75% of respondents agree that fraud is an unavoidable cost of doing business that might contribute to a sensitive attitude to fraud and leading to very little expenditure in fraud measures. Similarly, fraud threat may also be mitigated through the application of risk management techniques for fraud.
  8. Fraud risk management offers a rational approach to fraud analysis which aims at the early detection and avoidance of fraud.

What is the procedure to go for Anti-Fraud Controls?

We follow a 360-degree approach which includes continuous improvement to diagnose, detect and respond to the fraud which can be done by following the below steps

1. Diagnosis for susceptibility to fraud

Analyze the present situation and management of the company over the fraud detection system, which includes assessing employees ' behavior, attitude and understanding of their expertise and reactions to fraud or harassment issues.

2. Identifying gaps in anti-fraud Controls

Estimate the current fraud control system of management to identify potential deficiencies in fraud controls and develop fraud threat strategies by evaluating and measuring the potential for fraud against established fraud controls on the basis of rankings (high / medium / low).

3. Recommend solutions in order to reduce Antifraud controls

Consider strengthening current safeguards in order to mitigate the threat of anti-fraud reviews.

4. Monitoring on periodic basis

Allow continuous monitoring of controls utilizing software, conduct forensic data analytics at the system level on a regular basis to warn fraud detection signals

5. Drafting a Fraud Response Plan

Develop a fraud response plan to

  • To comply with reported fraud cases
  • To examine alleged or confirmed fraud cases

Key Services offered by us includes the following:

1. Workshops & training to make awareness about Frauds

  • These seminars may help to identify possible indicators of fraud
  • These can be personalized for specific organizations or businesses and help students understand how to implement job principles specifically, take measures and strategies to mitigate the risk of theft and improve the ethical climate.
  • Training covers guest trainers, online clips, workplace group discussions and role-play activities

2. Implementation of Fraud Risk Assessment

  • They direct the management and implementation of policies for fraud prevention by defining threats and their vulnerabilities in their systems and evaluating possible holes in the system.
  • This can be obtained through in-depth knowledge of the industry, the outcomes of which are always unpredictable by the leadership.
  • In fact, an anti-fraud monitoring system can be set up to help track the research on a continuous basis

3. Forensic Health Check

  • It will benefit organisations that do not adopt a systematic Fraud Risk Assessment strategy to quick and easy due diligence procedures
  • Sometimes a thorough check would be enough to determine the safety of the company in respect of fraud

4. Survey related to Organization’s Perception

  • Such forms of surveys are a common way of measuring the worker's perspective on the present status of the business's risk management system and fraud-related procedures.
  • • This form of survey allows managers recognize their strengths and weaknesses to strengthen risk management planning for fraud.

5. Ethics Helpline

  • Our legal help line team supports workers and any third party affiliated with the company by supplying them with an impartial outlet for disclosing unethical practices

6. Risk assessment and risk mechanism for fraud

  • The method aims to determine as early as possible the attentiveness of the company to fraud. This benchmarking tool is common and provides a prompt response to an organization's fraud evaluation.

7. Anti-Counterfeiting Risk assessment

  • We will also design and implement an appropriate mechanism for forgery

8. Management of Competition Risk

  • We assist the company appreciate the main enforcement element of the Competition Act 2002 (as revised in 2009) and the possible risk of infringement.
Govind

Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.

Govind

Delhi

Niketan123

Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.

Niketan123

Delhi

Our Cients

  • Sahara
  • hpmi
  • ginkgo
  • sahara shop
  • transpole
  • honda
  • sharda
  • homestead
  • halcrow
  • travel unravel
  • sbi
  • veolia
  • syndicate
  • cibersons
  • freshmens

Free consultation of all services at just Rs. 1