Capitalise on your employees' knowledge when it
comes to Fraud Risk Management
1 Introduction
KordaMentha Forensic staff have undertaken risk management
assignments for organisations in different parts of the world, from
developing countries to first world countries. Although many of the
organisations we have worked with had fraud risk management plans
in place, on every occasion we have uncovered multiple methods by
which those same organisations could lose anywhere from $10,000 to
in excess of $100 million (you choose the currency!). It can be
surprisingly simple (once understood) for this to happen by
circumventing some of the steps associated with the approval
process to authorise wire transfers out. Those organisations had
initially thought their fraud risk controls were strong, until we
pointed out their weaknesses.
