Fraud Risk Assessment

The Association of Certified Fraud Examiners (ACFE) in the 2012 Report to Nations survey estimated that the typical organisation loses 5% of its revenues to fraud each year – which if applied to the 2013 estimated Gross World Product translates to a potential projected global fraud loss of USD$3.7 trillion.

The ACFE survey also noted that frauds lasted an average of 18 months before being detected. Fraud perpetrators continue to develop more inventive schemes and an equally sophisticated response is required to protect your organisation from the risk of fraud.

Developing an effective fraud risk management framework to identify, assess, mitigate and manage risks is a critical step in reducing fraud losses and other associated consequences.

What is the Fraud Risk Assessment platform?

The Fraud Risk Assessment platform helps organisations to identify, assess, mitigate and manage fraud risks across different dimensions and over 550 different risk factors by providing a standardised process for performing risk assessments on the core requirements of the fraud risk management framework and provides a graphical depiction of a risk matrix, depicting the areas of higher risk, highlighting focus areas. This helps organisations in designing, implementing and maintaining robust policies, procedures, systems and controls to reduce these risks.

Solution Overview

The Fraud Risk Assessment platform contains over 550 different risk factors which are organised across different risk categories:

  • Internal control framework – company structure, operational functions, nature of business activity, commitment to combating fraudulent activity, fraud risk management policies and procedures, fraud training, fraud risk assessment, communications, assurance and independent review
  • Employee, management, key risk roles and board oversight – pre and post employment screening, senior management and board engagement, recruitment and encouraging staff behaviours, key risk roles, fraud policies and conflicts of interest
  • Internal fraud – payroll expenses and accounting fraud, purchasing and billing schemes, physical controls to deter employee theft, cash fraud and theft, cash skimming schemes, cash register schemes, theft of intellectual property, insider dealing, market manipulation and Chinese walls
  • External fraud – cash fraud, cheque fraud (including bank cheques, personal cheques and travellers cheques), ATM/Cash machine fraud, credit card skimming fraud, mortgage fraud, Ponzi schemes, pyramid schemes, scams and deceptions, phishing, spoofing, spyware, malware and click fraud, counterfeit money and commercial paper, counterfeit documents and counterfeit products, appointment of agents, third parties and joint venture partners
  • Country / Territory / Jurisdictions – assessment of the fraud risks associated with dealing with counterparties in different countries and territories. Over 260 countries and territories, across over 25 reliable and independent sources (based on a summarised view of the country risk assessment).

Click here to enlarge diagram.


Fraud Risk Factors


Fraud Risk Categories


Risk Sub-Categories


Industry Sectors

How it works – Get started in 4 easy steps

Select Industry

The Fraud Risk Assessment tool contains 550+ risk factors tailored to over 30 different industry sectors with specific risk factors relevant to each.

Configure Model

Use out-of-the-box or tailor to suit your requirements – adding risk factors, changing scores or weightings between categories is easy!

Create Assessment

Assess the inherent risk (likelihood x impact) and assess effectiveness of any mitigating controls across 550+ different risk factors.

Generate Report

Generate a snapshot report in PDF format for audit purposes containing data analytics, observations and recommended actions.

Deployment Options


Our solutions can be installed and run on your organisation’s hardware, behind your own firewall and fully supported by your own organisation’s IT support staff which provides control over how the software is used and maintained and provides peace of mind to organisation’s who may not entrust compliance data hosted outside their premises.

Our IT team can provide support to your organisation’s own IT staff to help get you up and running.

Private Cloud

Our solutions are also available to be deployed off-premise as a ‘software-as-a-service’ (SaaS) offering which can be deployed to any private cloud hosting provider of your choice, for example, Amazon Web Services, IBM Softlayer

Private cloud hosting could provide peace-of-mind that trusted cloud-providers that your organisation may already be using to host other software applications, can be extended to new software applications.

Shared Cloud

Our solutions can also be deployed in the cloud using our preferred cloud-solution provider, Microsoft Azure, which is trusted by 57% of Fortune 500 companies.

Microsoft has the highest standards of security, privacy, transparency and compliance to ensure your data is securely hosted in an in-country data centre, which can dramatically reduce your ongoing support costs in terms of staffing, hardware and software acquisition, ongoing maintenance and power consumption.

In the media

Our subject matter experts are recognised as thought leaders in financial crime prevention and are regularly featured in leading GRC publications showcasing our knowledge and experience. We often present at conferences and have done our share of webinars too!