Fraud Risk Management
Evaluate organisation’s potential for occurrence of fraud, identify and implement fraud control opportunities and develop fraud risk awareness throughout the organisation
Type
Domain
Competency Area
Risk Management, Governance and Regulatory Compliance
Levels
Identify organisation's fraud risk exposures and implement fraud risk management activities
Identify key fraud risk areas
Perform effective document review to uncover possible frauds
Identify red flags indicating that fraud may have been committed
Detect suspicious activities or potential fraudulent transactions
Conduct basic investigation of suspicious activities to determine presence of fraud through the collection of data and information from various sources
Identify and report any fraudulent activities in accordance with organisational procedures
Evaluate potential for occurrence of fraud and implement risk controls
Identify situations that increase probability of fraud occurrence
Anticipate situations of fraud in different business areas and activities
Identify possible impact of fraud on overall risk profile and stakeholders within organisation
Consider the potential for fraud risks during assessment of control design
Determine audit procedures for evaluating potential for occurrence of fraud
Perform Know Your Customer (KYC), and/or Anti-Money Laundering (AML) and/or Countering the Financing of Terrorism checks on customers in accordance with established policies and procedures
Apply fraud countermeasures to mitigate risks and vulnerabilities
Develop a culture of fraud risk awareness throughout the organisation
Evaluate situations that increase probability of fraud occurrence
Coach staff to be alert to opportunities that could lead to fraud, such as control deficiencies
Review and resolve escalated fraud cases and engage relevant stakeholders in the resolution processes
Provide advices on fraud investigation methods for complex fraud cases
Identify and drive implementation of fraud risk controls
Review feedback and escalation processes with business leaders and other stakeholders regarding issues arising out of fraud and corruption risk assessment
Articulate importance of culture of fraud risk awareness in day-to-day tasks