FRAUD RISK PROFILE FOR AN INTERNATIONAL ORGANIZATION IN THE PUBLIC SECTOR
Fraud is notoriously incompatible with the core values of our client. Whether due to disloyal actions by employees, improper and deceitful actions by business partners, hostile acts by unrelated parties or any combination of these, an act of fraud is a serious concern. Any large organization is subject to risks of fraud, and our client was no exception. Hibis was engaged in assisting the client identifying where the risk of corruption and fraud could strike and how to address loopholes and weaknesses to reduce the frequency and impact of such potential risks.
Applying the “Think Like a Thief” methodology Hibis’ team offered a customised approach combining workshops, document review, as well as specifically developed detection and monitoring tools.
The following actions were conducted:
•Identifying areas and activities across the Organization where fraud may occur
•Describing fraud schemes and methods which may be used to defraud the Organization
•Assessing these schemes and methods based on inherent risk
•Identifying and propose suitable controls, remedies and mitigation actions based on a combination of experience and best practice
•Detecting Organization specific red flags and early warning indicators to monitor potential fraud and malpractice
Project duration: 6 months