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Fraud Risk Management Programme

At ABANA, we offer four primary offerings as part of this service:

  1. Fraud Risk Assessment
  2. Fraud Prevention Programme
  3. Fraud Examinations
  4. Anti-Fraud Compliance Office

Fraud Risk Assessment

Management holds the primary responsibility for designing, implementing, monitoring and improving the fraud risk management programme. As part of this, the management must be intimately familiar with the organization's fraud risks. The management must perform (or oversee the performance of) a fraud risk assessment and update it regularly. The fraud risk assessment process is very important in developing a fraud risk management programme. Click here for more details.

Fraud Prevention Programme

Fraud Prevention requires a system of policies and procedures, which, in their aggregate minimize the likelihood of fraud occurring while maximizing the possibility of detecting any fraudulent activity that might transpire. The potential of being caught most often persuades likely perpetrators not to commit the fraud. Hence, the existence of a thorough control system is essential to fraud prevention.

Fraud Examinations

A properly executed Fraud Examination can address a number of organizational objectives, including:

  1. Identifying Improper Conduct
  2. Identifying the persons responsible for improper conduct
  3. Stopping Fraud
  4. Sending a message throughout the organization that fraud will not be tolerated
  5. Determining the extent of potential liabilities or losses that might exist
  6. Helping to facilitate the recovery of losses
  7. Stopping future losses
  8. Mitigating other potential consequences
  9. Strengthening internal control weaknesses

Anti-Fraud Compliance Office

As part of the Fraud Risk Management Programme, we offer Independent Compliance Office Services for our clients, where we extend multiple initiatives, including:

  1. Fraud Awareness Sessions for employees and other stakeholders
  2. Dedicated Compliance Officer
  3. Track closure to identified fraud risks
  4. Continuous Monitoring of high risks
  5. Extending independent Separation of Duties for identified critical risks