An Holistic approach to managing fraud risk
Does your organisation simply react to incidents of fraud or do you proactively manage the risk?
Fraud losses should be treated as a business cost and organisations should take a strategic approach to reducing those losses.
Charities that put in pace an holistic fraud strategy do not simply respond to fraud but also put in place a structure for preventing and deterring fraud.
This requires buy-in and commitment from senior leaders, as well as senior managers across the organisation. Finance, Legal, Compliance, Audit, Risk, HR, Procurement, Facilities Management, Communications and Operational managers all have a role to play in managing fraud risks. Their work in this respect needs to be co-ordinated through expert advice and guidance in order to ensure a consistent and effective approach.
Further details of the importance of taking a strategic approach are contained in our video below.
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