Governance, Risk & Compliance Software Solutions
Fraud Risk Assessments have now become easier to do than ever before; no more Excel spreadsheets needed. Resolver has developed an online fraud risk assessment process to help publicly traded companies meet their obligation to conduct annual fraud risk assessments. All elements required for you to conduct the risk assessment are included in the bundle.
Recently, we’ve noticed a significant transition in internal fraud management. Fraud management used to be largely the responsibility of human resources and security departments. However, since the genesis of Sarbanes-Oxley and other similar regulations currently faced by companies, Audit and Finance teams have become a major part of the fraud management equation.
This shift in responsibility stems from the fact that even small frauds can have a major impact on corporate reputation and strategy and can lead to material impacts on financial reporting. More than ever before, auditors need to be at the forefront of fraud management
The two most common types of anti-fraud activities deployed by companies are Reactive Detection and Investigation Activities, both of which take place after the fraud has occurred.
Ideally, companies should have processes in place that allow them to be more proactive in preventing fraud before it occurs.
A fraud risk assessment can be effective in preventing fraud before it occurs. The goal is to identify fraud risks that are likely to occur and will negatively impact the company’s finances and reputation.
The results of a Fraud Risk Assessment can
be plotted on a traditional X-Y heat map to
indicate the risks that range from low to high
on each assessment scale. These risks can
be ranked on their likelihood of occurrence
and impact to the organization.
Benefits of conducting regular Fraud Risk Assessments in your organization:
- Reduce the chance of fraud across the organization - regardless
- of how geographically disperse.
- Mitigate the applicable legal and regulatory risks
- Protect your corporate reputation
- Gain a competitive advantage in high risk geographic markets
- and industries
- Strengthen the company’s overall control environment
- Building block / foundation of a fraud monitoring program
- And of course.....Compliance
External and Resolver have teamed to offer the following as an online fraud risk assessment solution:
- An online risk assessment website specific to your company [companyname.resolvernet.com]
- Website is populated with the 40 fraud schemes commonly used for this type of assessment including Accounts Payable Fraud, Colusion, Payroll Fraud, Reputation Risk, Misappopriation of Assets, Financial Reporting Fraud, and many others.
- All the email templates to be sent to participants.
- The Fraud Risk Assessment Participant Guide to walk your staff step-by-step through the assessment process
- Full support for your participants throughout the assessment
- Finally, we will provide you with an online dashboard to view the results in real-time
For more information contact us or click one of the following links:
