Fraud Detection and Fraud Investigation by Fraud Risk Management Services Pty. Ltd.

Fraud is concern for every business enterprise.

If ignored, it won't go away, it will get worse. The decision to commit fraud is a logical choice based on three factors.

OPPORTUNITY - Is there an opportunity to make some extra money?
RISK - Will anybody know?
REWARD - Is the gain substantial?

After considering the answers to these three questions, a person decides to commit fraud or not.

The Association of Certified Fraud Examiners estimate that 5% of total revenue may be lost to occupational fraud if no effective fraud risk management plan exists. An effective fraud risk management plan takes into account the elements of the Fraud and Corruption Standard 8001.

"An effective fraud risk management plan is like placing a fence at the top of a cliff instead of an ambulance at the bottom." Michael Gerondis of Fraud Risk Management Services Pty Ltd says.

It is far better to prevent or manage a fraud risk rather than try to recover from it.

Another problem for businesses if that once a fraud is detected, what then? Often it is difficult to assess whether a fraud is criminal or civil and what remedy is available. A Fraud Response Plan is an essential part of a Fraud Risk Management Plan so as to be able to work through the fraud, quantify the damage and preserve the evidence.

Fraud detection, fraud investigation and fraud risk management are specialist fields that require an experienced and knowledgeable professional.

"Fraud Risk Management Services Pty Ltd only deal with fraud related issues and investigations, nothing else." says Michael Gerondis of FRMS.

Fraud Surveys have shown that a properly established "Whistleblower Hotline" is an excellent tool in detecting fraud. A "Whilstleblower Hotline" may be incorporated into a Code of Conduct document which in itself is another important tool in fraud prevention and detection.

Fraud Detection is one part of an overall approach to Fraud Risk Management. "FraudCheck" is another service provided by FRMS to assess a matter to determine whether criminal fraud is present, if so, prepare a criminal brief. If not, advise on the best course of action. Please contact FRMS for a FraudCheck assessment.

Fraud Detection, Fraud Investigation Services, Employee Risk Management.

Fraud is concern for every business enterprise.