Security News > 2021 > October > Five proven techniques for building effective fraud management

Effective management of fraud has long been a vital capability within organizations, and for good reasons.

According to the Association of Certified Fraud Examiners' 2020 global study on occupational fraud and abuse, companies lose an estimated five percent of revenue per year due to fraud.

Proven techniques for building effective fraud management.

Listed below are five proven techniques to address weaknesses in internal controls that can improve your fraud risk management program with better fraud detection, preventative, and responsive control capabilities.

"Fraud deterrence and the rigorous adoption of an effective internal control environment where the tenets of fraud are ingrained in the minds of each employee is a must for any organization to combat the risk of fraud and serves to minimize fraud." Furthermore, constantly monitoring the fraud control effectiveness is vital to provide assurance that residual risk levels are within the organization's acceptable risk appetite level.

The use of the five proven techniques will be a valuable investment in your fraud management program.

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