Fraud risk maturity assessment is the building block for effective fraud risk interventions. You are newly appointed Internal auditor, CEO or CFO or any C-level executive, or board member, where do you start in effective fraud risk management agenda? The fraud risk maturity helps assess where you are, where you want to be and what to do to close the gaps.

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Fraud Risk Maturity
Assessment model
Mustapha B. Mugisa, Mr. Strategy
www.summitcl.com

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Mobile banking ecosystem
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Are you on top of your FI? >> FRA
Images credit:
https://thumbs.dreamstime.com
A risk maturity report shows
danger spots clearly,
enterprise-wide

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Fraud >> How mature is your fraud risk
management program?
02 Developing
01 Initial/ basic
03 Established
04 Advanced
05 Leading
Aspiration
levels
Elements of fraud risk management
1. Effective fraud mgt structure - Board oversight and
management responsibility, competent Audit Commtte
2. Code of conduct, ethics & integrity declaration & monitoring
3. Fraud prevention policies and procedures – whistleblowing,
lifestyle audits, background checks and integrity surveys
4. Continuous anti-fraud communication & Quarterly anti-fraud
awareness training
5. Annual enterprise-wide fraud risk assessments, and on-going
analysis of high fraud risk processes/ functions
6. Control activities and automated monitoring & analysis, real
time red flag trxn alerts… controls mapped to fraud risks
7. Automated incident response and management
8. Surprise audits, fraud investigations capabilities, job
rotation/mandatory vacation, rewards for whistleblowers
9. Name & same. Thorough investigations of fraud incidents
10. Up-to-date fraud case book & suspects profiling
Almost nothing exists
Some parts of this element exist; application on
different levels is inconsistent
Element is defined; consistently applied
on some but not all levels
Element is defined with more detail and
applied consistently on most levels
Element is defined in detail &
consistently applied at all levels
Basic
Leading
practice

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Cyber >> Which level is your cybersecurity maturity?
Cybersecurity domains colored by risk
Client Industry
Initial
Secure
Vigilant
Resilient
1 2 3 4 5
Crisis management
Monitoring
Cloud Security
Software Security
Infrastructure Security
Data Protection
Identity and access management
Threat and vulnerability management
Enterprise Resiliency
Program Management
Governance
Workforce management
Third-party management
Developing Established Advanced Leading
Current Maturity
Initial Observed Maturity
Target Maturity
Risk Assessment
Where does
your bank fall?
When did the
board last read
this kind of
report?

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The cost of fraud…
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