China

Details

  • Service: Advisory, Transactions & Restructuring, Corporate Finance, Forensic
  • Type: Business and industry issue, White paper
  • Date: 5/19/2014

Fraud risk management: Developing a strategy for prevention, detection, response 

In the wake of high-profile corporate scandals, an increasing emphasis to identifying and managing these risks, and in light of increasing local and international laws and regulations, executives are increasingly aware of the need to create policies, programs and controls to address fraud and misconduct.

 

While acknowledging that no single approach to risk management exists, this paper spotlights leading practices that organisations have generally found to be effective when building their compliance programs and related antifraud programs and controls. It also offers strategic insights for aligning organisational values with performance. 

Key insights

 

  • Move beyond a check-the-box approach to managing the risks of fraud and misconduct and instead, design, implement, and evaluate proactive practices that have been found by leading organisations to be effective
  • Refer to laws and guidance applicable in many parts of the world, particularly in the Asia Pacific (ASPAC) region to help organisations understand the regulatory landscape and the types of breaches
  • Key objectives: prevention, detection, and response
  • Effective fraud risk management provides organisations with tools to manage risk consistent with both legal and regulatory requirements as well as the entity's business needs and marketplace expectations.

 

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