Fraud Risk Management (FRM) is the means by which organisations adopt ethics and compliance programs and related antifraud controls. More than ever companies are operating in a complex global business environment. They are drowning in a sea of digital data, adapting to the perils of doing business in new markets, struggling to comply with increased regulation and trying to avoid costly enforcement actions and litigation.
In KPMG’s 2015 Global CEO Survey, 73% of the CEO’s interviewed identified regulatory environment as one of the biggest issues impacting their companies.
Experienced leaders are asking themselves some fundamental questions:
An effective fraud and misconduct risk management approach has three (3) objectives:
However the challenge for companies is to develop a strategy that helps them:
An FRM program will not only help enable appropriate compliance with legal and regulatory mandates but also help the organisation align its corporate values and performance while protecting assets and driving aligned organisational behaviour.
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