Something to Consider December 2017 2
Reducing the Risk of Fraud in Financial Systems
With the ACFE consistently reporting that fraud costs the equivalent of 5% of revenues annually, its impact cannot be taken lightly. Although fraud is an uncomfortable truth and understandably not openly acknowledged or discussed in companies, prevention and detection needs to be rigorous and prioritised. However, simply putting in place automated financial controls is not enough to deter or catch incidents before they become bigger issues. The need for regular and detailed check ups on transactions and systems using data analytics to flag up any outliers or early indicators of fraud, proactively, is crucial to reduce the risk and magnitude of fraud.
This article discusses a balanced preventive and detective controls approach, and what the business value is. Give the full piece a read here
Our ‘Something To Consider’ snippets are framed as small, digestible, ‘dashes of insight’ around the pillars of what we define as “World Class Finance” – Process Optimization, Financial Control and Compliance, and Risk Assurance, all underpinned by technology enablement and integration.