Fraud and poor governance are serious risks for all organisations, as recent high-profile cases have shown. Dishonest behaviour can undermine operating efficiencies and reliability, and serious cases can severely damage an organisation’s reputation. While fraud risk reviews are mandatory for many government agencies, private sector companies often don’t act until they become victims of fraud.
A rigorous approach to fraud risk management safeguards business value.
Delivering effective fraud risk management
Developing a fraud risk management framework is a complex task. The starting point is an understanding of the government standard for fraud and corruption control, AS8001-2003. Organisations must ensure their risk management framework will effectively minimise fraud risk across all their operations, and that it is flexible enough to adapt to change.
Not every organisation has the skills or resources to handle fraud risk analysis internally. PricewaterhouseCoopers offers the broad spectrum of skills needed to both identify how fraud may affect your organisation and develop a plan to combat it.
How PwC can help you
We work with clients to identify areas where the organisation is at risk, particularly those where risk is high. This involves consulting management and conducting workshops with staff to identify problems. We then prepare a report identifying the risks for the organisation, together with an assessment of the likelihood that those risks will eventuate and an estimate of their impact. Finally, we develop measures to minimise the risks.
A proven approach
Our assessment methodology and reporting processes are based on AS8001-2003 guidelines. Our significant experience includes:
- Reviewing and drafting fraud risk policies and procedures
- Developing fraud control plans
- Conducting staff fraud awareness training
- Implementing "whistleblower" hotline procedures
Our highly qualified staff can provide independent advice and develop a tailored approach to suit your organisation.
