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Fraud is one of the most substantial threats to the 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.
At PwC, we provide comprehensive and practical advisory support across various aspects of fraud risk management, from overall fraud risk diagnostics to the 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..
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.
“We help organisations take preventative steps to limit its exposure to fraud, and establish a process to manage such a crisis, should one occur.”
So, even when companies have controls in place to detect economic crime, these can often be rendered ineffective by management override or collusion. Needless to say, it is much more cost effective to proactively address fraud risks rather than to suffer from preventable fraud and waste valuable resources to detect, investigate and remediate adverse consequences afterwards. Our proactive measures include: