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



Competency Area

Risk Management, Governance and Regulatory Compliance


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