Fraud Risk Assessment

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

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 fraud 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 involving staff from the various operational areas of your organisation to work with us. It is in conjunction with these relevant staff which carry out the fraud risk assessment.

We assist these staff members 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 fraud risk assessment approach complies with AS/NZS ISO 31000:2009 Risk Management Principles and Guidelines.

Please refer to the Our industry experience pages to see some of our risk experience in your industry.

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.

Please contact Warfield & Associates if you would like help undertaking a fraud risk assessment for the first time or are considering engaging an independent third party to provide fresh eyes to your approach.  We have significant fraud risk management experience.