Fraud Risk Assessment

Developing a Fraud and Corruption Plan

Fraud Awareness Training

Fraud Risk Assessment

Fraud and Corruption Benchmarking and Gap Analysis

contact us

Warfield & Associates
Level 57 MLC Centre
19-29 Martin Place
Sydney NSW 2000
Tel : (612) 9231 7588
Fax: (612) 9231 7575

At Warfield & Associates, we have developed a range of services that can assist your organisation reduce the likelihood of fraud and corruption occurring and when it does, identify it more readily.

Fraud Risk Assessment
Fraud is a business risk and managing the risk of fraud is no different to managing other types of business risk. An important element of any fraud risk management program is a risk assessment aimed at identifying what the risks are, how great the risks are and developing appropriate strategies for those risks assessed as a significant threat to the organisation.

We believe that this is most effectively achieved by forming risk assessment teams comprising staff from the various operational areas of your organisation to work with us. It is these teams which carry out the fraud risk assessment.

We assist these teams to better understand the inherent fraud risks that may be present within each operational area reviewed. Once these inherent risks have been identified, the teams would then proceed to:

• assess the effectiveness of the current internal controls in place that would impact on the risks identified;
• determine an overall risk rating for each inherent risk identified. This allows fraud risks to be prioritised; and
• develop strategies, including improved internal controls, to reduce the impact of each inherent risk based on the risk ratings.

Our approach complies with AS/NZS ISO 31000:2009 Risk Management Principles and Guidelines.

An organisation cannot effectively manage their fraud risks if they have not thoroughly assessed them. Our approach to fraud risk assessment will help you assess and address those risks.