Question 1

What Is Fraud Risk Management?

Accepted Answer

Fraud risk management is aimed at proactively addressing a business’s vulnerabilities to internal and external fraud. Fraud follows opportunity and attacks weakness. It is important to understand where your organization is vulnerable and establish mitigation strategies to take control. A successful fraud risk management program will allow for effective corporate governance throughout the organization. Additionally, the program will establish continuous or periodic monitoring of fraud controls through fraud risk assessments or technology to detect early warning signs of fraud. This will allow the organization time to develop response plans. Only through ongoing effort can an organization protect itself against significant acts of fraud.

Question 2

Who Needs Fraud Risk Management?

Accepted Answer

Every organization needs fraud risk management. Maintaining a reputation for integrity is crucial to safeguarding market confidence and establishing continuous customer trust. When fraud occurs within an organization, it can seriously impact the integrity of an organization and lead to legal, regulatory, or reputational damage. This is why it is important for all business leaders to ensure their organization has an effective approach to mitigating fraud risk. It is important for all stakeholders, up through the board of directors, to drive effective fraud risk management.

Question 3

What Is the Purpose of Fraud Risk Management?

Accepted Answer

Fraud risk management provides insight into fraud prevention, detection, and response. It is essential to helping businesses proactively identify external and internal risks that can have a significant impact on their reputation, assets, and exposure to criminal or civil liability. A strategic component of fraud risk management is the fraud risk assessment, which should address four key areas: asset misappropriation, financial and non-financial reporting, regulatory compliance, and illegal acts. The results of the risk assessment should drive the fraud risk management program and organizations should implement continuous or periodic monitoring of fraud risks to identify their exposure to fraud risks or vulnerabilities.

Question 4

How Can I Manage Fraud Risk with AuditBoard?

Accepted Answer

RiskOversight integrates and elevates your fraud risk management program — including the identification, assessment, response, mitigation, and monitoring of fraud-related risks — in a highly visual and intuitive way. RiskOversight enables you to categorize fraud risks that are integrated across your organization and allows users to gain insight into top fraud risks and trends. Additionally, executive-level dashboards and detailed board of director reports allow for a holistic view of your overall fraud risk appetite.

Platform

Products

Company

Resources

Take a proactive approach to fraud management by increasing visibility into your organization's top fraud risks.

Simplify Your Fraud Risk Assessments

Consolidate Stakeholder Touchpoints

Manage Your Mitigation Plans

Stay Ahead With Risk Trends

The Modern Connected Risk Platform

Discover Why AuditBoard Is
Top-Rated by Customers