4 Steps to develop and maintain an Effective Fraud Risk Management Program.

Fraud is all around us, grabbing the headlines every single day, highlighted by recent scandals at Latvia’s ABLV Bank and India’s National Bank of Punjab. Fraud is a high impact, low-probability risk with the potential to destroy a firm’s integrity and reputation very quickly.

Many firms focus on the low probability nature of fraud, and consequently fail to employ both resources and structure to address this risk. A typical fraud risk management framework includes the following components: governance, assessment, strategy and evaluation.

Let’s now take a look at four steps a firm can take to develop and maintain an effective fraud risk management program:

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