Combating Fraud Warfare

The global landscape is becoming more connected and more complex. A more and more sudden shock-like corruption scandals, data breaches and business threats shake business models as well as customer confidence too. Frauds, Economics Crimes, Hacking of Financial data and Bribery are rising every day. The Perpetrators committing fraud could be external or internal or many times collusion between Internal & External too. External frauds are mostly transactional in nature and can be controlled by active monitoring; however internal frauds are mostly because of the ability to access data as delegated authority or due to system knowledge.

To mitigating threats, handling crises, competing effectively or optimizing opportunities, there is only one way to remain ahead of game -- Be better at seeing the future than everyone else and remains to be informed. It is important to find a credible solution to restore business from frauds & unexpected frauds to bring the project back on track. This is possible by timely insights on kind of frauds occurring with details of crime being carried out. Risk Assessment at regular intervals is the key to identify risk and assess mitigating factors. Right governance, Expert resource, Regular Monitoring and Robust Control are other key factors along with the latest technology are the key factor to remain “Prepare”. However, there is a need to remain equally ready to “Respond” with speed & conviction by the right combination of people, processes and technology to prevent further damages. It is always advisable to get the root cause of fraud investigation with clear objectivity with the external expert team, as this being highly expert work. Organizing regular Training and Enforcement of compliance are the key factors to mitigate the effectiveness of the Risk Threats Program. Effectiveness of Compliance Program, benchmarking it against Industry Standards, implementation of Regulatory Guidance and Risk exposure are the key factors. The goal is to design effective governance and organizational compliance framework and develop robust compliance policies and implement creative technology solutions.