Fraud Risk management

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Stanley CHIA speaks on Fraud Risk Management

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Fraud Risk management

  1. 1. Understanding & Developing A FRAUD RISK MANAGEMENT PROGRAM for Your Organization – CFE International Consultancy Group Pte Ltd www.cfe-icg.com
  2. 2. Traditionally, the practice of risk management comprises acceptance, transference, elimination, control, sharing, insurance and avoidance of a diverse array of risks. Risk management and internal control business models have subsequently been devised which cater for all eventualities - categorised by terms such as business, operational and reputational risk. www.cfe-icg.com CFE International Consultancy Group Pte Ltd
  3. 3. www.cfe-icg.com CFE International Consultancy Group Pte Ltd
  4. 4. www.cfe-icg.com CFE International Consultancy Group Pte Ltd If an organisation accepts that it is exposed to fraud – and no organisation is immune to fraud – the next step is to apportion responsibility for fraud risk management.
  5. 5. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Historically, the management of fraud risk does not lie with any one particular department or practitioner. It can be handled internally or be outsourced, and how it is handled is affected by many variables such as organisational size, industry sector, geographical location, cultural dynamics - and management perception of the problem.
  6. 6. www.cfe-icg.com CFE International Consultancy Group Pte Ltd <ul><li>Regardless of these variables, any fraud prevention and control model should aim to achieve one, or all, of the five primary objectives: </li></ul><ul><li>Prevention </li></ul><ul><li>Deterrence </li></ul><ul><li>Disruption </li></ul><ul><li>Identification </li></ul><ul><li>Civil action/criminal prosecution </li></ul>
  7. 7. www.cfe-icg.com CFE International Consultancy Group Pte Ltd
  8. 8. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Consider fraud risk as an integral part of an overall corporate risk management strategy
  9. 9. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Develop an integrated strategy for fraud prevention and control
  10. 10. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Develop an ownership structure which cascades downwards throughout the organisation
  11. 11. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Introduce a fraud policy statement
  12. 12. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Introduce an ethics policy
  13. 13. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Actively promote the policies through the organization
  14. 14. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Establish a sound control environment
  15. 15. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Establish sound operational control procedures
  16. 16. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Introduce a fraud education, training and awareness programme
  17. 17. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Introduce a Fraud Response Plan, as an integral element of organisational contingency planning.
  18. 18. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Introduce a Whistle blowing Policy.
  19. 19. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Introduce a reporting ‘hotline’
  20. 20. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Constantly review all policies and procedures
  21. 21. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Constantly monitor adherence to controls and procedures
  22. 22. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Establish a ‘Learn from Experiences Group’
  23. 23. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Develop appropriate information and communication systems
  24. 24. www.cfe-icg.com CFE International Consultancy Group Pte Ltd Thank You Contact Details : Mr. Stanley CHIA (65) 90074179 [email_address]

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