Peter van Jaarsveldt
Fraud : prevention is better than a cure!
Updated: Jun 9, 2020
With ProcAssure, we beleive we have created a Risk Assurance platform that can protect your procure to pay processes. Reduce Risk. Improve your cash-flow and speed your audits.
However, we all know that prevention is better than a cure!
So, we have launched a free service : Fraud Risk Register (http://frr.procassure.com)
What is Fraud Risk Register?
Fraud Risk Register is a simple web tool to allow you to documment all the potential fraud risks in your organisation and then document the controls and actions your have put in place - as well as ensuring you perform reviews.
But what are my Fraud Risks?
To help you understand the potential risks to your organisation, we have documented well known fraud patterns across finance, procurement and Human Resources to allow you get started.
You can copy these as a starting point, or put in your own risks and controls.
You can add up to 4 other team members from your organisation and report all your activities out to XLS spreadsheets to use in reports and meetings.
Who should use Fraud Risk Register?
We have built Fraud Risk Register for organisations who do not have a full-time fraud team (e.g. banks, insurance companies) but want to understand the risks and start building their protection strategy.
If you work in the finance, procurement, payroll teams, then this will give you good insight to the risks you may be susceptible to and the controls/checks you can put in.
The good news is, that most organisations will have a large number of controls (checks) in place, so Fraud Risk Register can be used as a confirmation you are doing a good job.
We have put together a library of 60+ known risks, but would love for you to share other risks or patterns of fraud you have seen, so we can share with the entire community.