Fraud Risk Management

BIATConsultant experts helps in detecint gaps in anti-fraud control , help you in periodic monitoring and fraud awarness by way of workshops as well as assist you in complete risk management

What are fraud risk management services?

Fraud follows opportunities and entices weaknesses. It helps to know that where a person lacks and when and how the person can control it.
It is difficult to safeguard the market confidence and public trust in order to have the status of integrity. Fraud may weaken the efforts such as, exposing an organization to legal, regulatory, or reputational damage.
Because of this companies try to mitigate the fraud risk by hiring a company who monitors fraud risk management services. This is especially important in a situation marked by intense scrutiny and rising enforcement.
As per the fraud survey report 2012, upto 55 percent of the chief executives surveyed said that their organizations have experienced fraud in the last two years- by this we can say that fraud is definitely a reality today. All the organizations, whether small or large can face risk of fraud. It is a major concern that can have a devastating impact on an organization’s bottom line, its reputation and even its continuity.
We can see that fraud is becoming a very serious issue in the market and it is difficult to detect it. However, it is surprising to note that around.
Fraud risk management provides a practical approach towards identifying fraud and aims at preventing and detecting fraud at an early stage.


Common List Of Questioner That Our Customer Ask From Us -Solved !
Roadmap to anti-fraud controlsby BIATConsultant ?
We follow a 360 degree approach which includes continuous improvement to diagnose, detect, and respond to the fraud that can be done by following below steps-

-Diagnose vulnerability to fraud First evaluate the current situation and know the ability of a company to detect fraud. To evaluate the organization’s anti-fraud control environment which involves assessing the culture, attitude, and awareness among the employees about their knowledge and response related to the issues of fraud or misconduct.

Detect gaps in anti- fraud control
Estimate management’s existing fraud control framework to detect potential gaps in the fraud control and establish fraud risk policies through analysis and evaluate the risk of fraud on the basis of ranking against existing anti fraud controls.

Suggest solutions to mitigate anti fraud controls
Suggest enhancement of existing controls to mitigate the risk to be implemented.

Periodic monitoring
Enabling continuous monitoring in the risk through technology, performing forensic data analytics periodically at the process level to alert the management of fraud signals.

Develop a fraud response plan :
Develop a fraud response plan to-
1. Address cases of confirmed fraud.
2. To investigate cases of alleged or confirmed fraud.

What Are The Key Services Provided By BIATConsultant ?
1. We provide proper fraud awareness workshops and training programmes in order to detect frauds.
2. We guide in management and development of fraud prevention strategies by identifying the risks and their weaknesses. We do fraud risk assessment implementation.
3. We do forensic health checks which help in quick and easy due diligence procedures for organizations who do not follow a comprehensive fraud risk management approach.
4. We do organizations perception surveys which help to do a type of survey which is a popular way to measure the employee’s point of view on the current status of the risk management programme. This type of survey helps in identifying its strengths and weaknesses.
5. Our ethical helpline team provides assistance to the employees as well as to the third person associated with the organization by providing them with an independent channel to report unethical practices.
6. There is a tool which helps in risk assessment and fraud vulnerability tools.
7. We can assist in developing and implementing an effective anti-counterfeiting framework.
8. We help the client to understand key compliance aspects and potential risk of violation of the competition Act, 2002 (as amended in 2009).

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