Fraud Risk Assessments (FRA)
The client required that a FRA be conducted with specific focus on the following key areas:
- Identify areas most vulnerable to fraud;
- Determines if adequate fraud prevention measures exist;
- Identify potential fraud schemes and prioritize them based on risk;
- Map existing controls to potential fraud schemes and identify gaps;
- Test operating effectiveness of fraud prevention and detection controls
The above procedures enabled us to develop a fraud risk register for the client with mitigating action plans to reduce fraud exposures where current fraud prevention and detection controls are not adequate.
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