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Fraud Risk Management

Preventing and overcoming crisis and anxiety

How effective is fraud risk management in your Organisation?

Fraud is one of the most substantial threats to viability and sustainability of any Organisation. Damage caused by fraud can go far beyond purely financial losses or regulatory enforcement. It can result in significant adverse business impact undermining relationships, reputation and brands that are essential for the Organisation’s continuous growth and success.

Needless to say that it is much more cost effective to proactively address fraud risks rather than to suffer preventable fraud and spend valuable resources to detect, investigate and remediate adverse consequences after it. 

At PwC, we provide comprehensive and practical advisory support across various aspects of fraud risk management, from overall fraud risk diagnostics to designing and implementation of robust fraud prevention frameworks and practices focused on facilitating timely identification and proper response to ever-changing threats and challenges driven by fraud-related risks.

What do we specialise in?

Fraud risk assessment

A thorough fraud risk assessment that accurately identifies the Organisation-specific fraud risks is one of the key mainstays for building an effective fraud risk management capacity and resilience to the risks of fraud. Such an assessment is not a one-off exercise, but rather the one that maximises its value for the Organisation when performed on a systematic and recurring basis.

As a part of fraud risk assessment we support Organisations with:

  • Identification and prioritisation of the areas and activities most prone to fraud based on their industry specifics, size, history of past fraud cases and other related matters;
  • Identification of inherent fraud risks faced by the Organisations and assessment of their likelihood and magnitude of potential impact;
  • Mapping existing internal controls to the relevant fraud risks and evaluation of whether they are operating effectively and efficiently;
  • Identification and evaluation of residual fraud risks resulting from poorly efficient or non-existent controls;
  • Prioritisation of the residual fraud risks based on their potential likelihood and scale of prospective impact;
  • Development of practical tailored recommendations in response to the identified residual fraud risks.

Enhancement of existing fraud management practices

Fraud risk management is an integral part of the overall risk management practices within the Organisation. It is based on the concept of tailored steps aimed at timely identification, analysis and response to fraud risks that could threaten the Organisation’s viability, solvency, reputation and capacity to create value.

We support Organisations with design, implementation and enhancement of fraud risk management frameworks through:

  • Review of existing fraud risk management policies, procedures, practices and tools and identification of areas for improvement;
  • Development of practical tailored recommendations on enhancement of existing fraud risk management practices including:
    • Streamlining of anti-fraud culture and tone from the top
    • Strengthening fraud prevention and detection controls
    • Introducing new or proposing changes to existing policies and procedures related to fraud risk management
    • Design of necessary organisational changes and communication / reporting lines
    • Providing practical advice on selection and implementation of automated solutions related to fraud risk management
    • Capacity building of designated personnel responsible for fraud risk management and raising awareness on related matters amongst the Organisation’s business partners and other key stakeholders (clients, vendors, distributors);
  • Support with design and effectuation of the necessary changes.

Contact us

Andriy  Tretyak

Andriy Tretyak

CFE, CISA, Forensic Leader, PwC Ukraine

Tel: +380 44 354 04 04

Bogdana Tyshchenko

Bogdana Tyshchenko

Senior Manager, Forensic Services, PwC Ukraine

Tel: +380 44 354 04 04

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