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The face of fraud is constantly changing as fraudsters evolve their modus operandi to circumvent systems & processes and strike at any perceived weakness in fraud controls.

To protect themselves, organizations must have a robust fraud risk framework in place, with leadership commitment to remain cognisant of emerging fraud typologies and continuously advance their fraud risk capability.

The KPMG Fraud Navigator has been developed to assess the maturity of a bank or a Corporate organization’s fraud operating model holistically across governance, people, process and technology. The KPMG Fraud Navigator is designed as a better practice guide to assess and uplift the maturity of clients’ fraud operating model to help deliver real benefits in terms of, for example:

  • Industry better practice guidance of what “good” looks like;
  • Governance over fraud risk management;
  • Intelligence gathered towards prediction & prevention before payments are made;
  • Loss mitigation through leading fraud prevention & detection technologies;
  • Efficiency gains through minimization of false positives;
  • Management reporting to facilitate fraud investment decision making; and
  • Resource management & optimization.

The tool captures valuable global insights and experience garnered through hundreds of KPMG’s global client engagements on fraud prevention, detection, investigation and controls remediation.

KPMG’s Fraud Navigator serves as an overarching taxonomy against which the performance of the fraud function is assessed, via detailed assessments, tailored diagnostics with reporting in the form of a roadmap to uplift capability that KPMG can assist with implementation.

A well-structured fraud risk management operating model and an enterprise-wide fraud risk assessment are important to ensure defences are robust to consistently mitigate the risk of internal and external fraud to within an organization’s risk tolerance and fraud risk appetite.

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