Fraud Risk Management
What is Fraud Risk Management?
Organizations lose about 5% of their annual revenues to fraud. Across industries, and within the financial sector in particular, companies are ramping up their efforts to integrate fraud risk assessments and management into their business practices.
There are a number of risk factors that increase an organization’s exposure to fraud risk. These factors include if the items that can be stolen are of high value in proportion to their size, if there is a ready market for the resale of stolen goods, or if there is a large amount of cash on premise, to name a few. With the advent of new technologies and the increase of sensitive information stored online, fraud risk factors will only continue to multiply, thereby further necessitating effective fraud prevention.
The goal of fraud risk management is, of course, to reduce the risk of fraud. To do so, organizations must develop a comprehensive anti-fraud program. Fraud risk management systems ensure organizations can identify their exposure, detect gaps in their procedures, recommend remediation measures, and respond quickly and effectively to incidents of fraud.
What are the Benefits of Fraud Risk Management Software?
Anti-fraud programs should be comprehensive in nature, as risk can stem from any department or level of an organization. Fraud prevention software is the only way to enable this level of integration by engaging personnel across the enterprise in risk assessments and remediation tactics. Fraud risk is as deeply connected to a company’s culture as it is to its processes. Therefore, preventing fraud goes hand in hand with a robust governance program.
Companies with successful anti-fraud programs take an iterative, as well as an integrated, approach to fraud risk management. Only meticulous and ongoing effort can protect an organization from significant acts of fraud. The amount of resources this upkeep requires can be streamlined by automated fraud risk management software.
Fraud management systems help organizations bring together the many facets of fraud, which not only include a company’s ability to implement controls to prevent fraud, but to detect and respond to incidents as they occur.
LogicManager’s Fraud Risk Management Software
Fraud management systems have become a necessity. Organizations at risk of losing valuable assets also risk the reputational damage of fraudulent activity. Building a comprehensive, integrated fraud prevention program requires a lot of time and attention, but is well worth the investment.
LogicManager provides the software, content, and support to advance your anti-fraud program to the highest level of efficacy while removing the financial burden of costly solutions and the daily burden of manual tasks. With LogicManager as your partner, you’ll be empowered to reallocate resources from operational activities to strategic initiatives and protect your business from fraud.
- Fraud Risk Assessment: The foundation of fraud prevention is a structured risk assessment that addresses the actual risks your organization faces. LogicManager provides pre-built, standardized fraud risk assessments to help you assess and quantify your exposure to fraud risk.
- Fraud Prevention: Fraud is entirely preventable with the right controls. LogicManager’s taxonomy technology enables you to map controls to their respective risks, departments, and resources so you can ensure the effectiveness of new and existing policies and procedures.
- Fraud Detection: LogicManager will take your whistleblower program to the next level. Our incident management capabilities enable users to build out user-friendly, online incident reports, create automated workflows to route follow-up and remediation to the appropriate party, and identify trends in aggregated data.
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If you’re already a LogicManager customer, you can contact your advisory analyst to activate this plugin! If you’re new to LogicManager, you can request a personalized demo to see our fraud prevention software in action.
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