Fraud Risk Management

Establishing and managing fraud risk

BDO follows the Chartered Institute of Management Accountants (CIMA) standards, as well as the ACFE standards and COSO risk management principles, to evaluate and remediate enterprise fraud and corruption risks in an organisation. We will provide your organisation with specialists experienced and skilled in enterprise risk management, local and international law and data analytics to assist your organisation in identifying, managing and mitigating fraud risks posed by internal and external factors.

Risk areas in a business differ. Our approach for strategic risks will differ from the approach for operational risks. Some of the most prevalent risks to be considered include business risks (cultural, management, employee, process and transaction issues), financial risks, environmental risks, IT and data risks, ethical risks, reputational, fraud and corruption risks.

Our fraud risk management follows the five-phase approach, including fraud risk governance, fraud risk assessment, fraud control activities, fraud investigation and corrective action and monitoring activities.