FRAUD RISK MAPPING & ASSESSMENT
Corporate fraud is a persistent fact of business life, affecting organizations of all sizes across all industry sectors. Fraud risk assessment involves a significant commitment by management and should be conducted by experienced staff or consultants with fraud risk expertise.
A fraud risk mapping assessment is a tool used by management to identify and understand risks to its business and weaknesses in controls that present a fraud risk to the organization. Once a risk is identified, a plan can be developed to mitigate those risks by instituting controls or procedures and assigning individuals to monitor and effectuate the plan of mitigation.
FRAUD POLICY, PROCEDURES & TRAINING
Kane Advisors assists clients in developing anti-fraud policy, procedures and awareness training. The development and implementation of a rigorous fraud control policy document for most organizations is a critical step toward effective fraud prevention. Staff can only be expected to comply with policy if it is clearly set out in a comprehensive document which details procedures to be followed.
Where no such document exists, it is often difficult to prove that employees or external parties have knowingly acted against the interests of the organization. Indeed, the lack of clear guidelines is often the first excuse offenders will use when questioned concerning fraudulent acts.
The KANE Approach is a unique fraud detection methodology used to identify and combat fraud, theft, waste and abuse within global supply chains with a special focus on the fast-moving consumer goods sector.
We examine the crucial yet frequently unobserved element of human interaction, where possible collusion and manipulation can occur. Through capture and analysis of extensive data sets, seemingly meaningless information can yield surprising insights.
With in-depth examination of procedures vs. practices, and the use of tools for data transformation, data modelling, cross correlation, complex link analysis and social network analysis, the KANE Approach shines a spotlight on human gaps which make it easier for fraud, waste and abuse to flourish unabated within the organization.
CASE STUDIES
The following case studies demonstrate the effectiveness of conducting a fraud risk mapping assessment and the future financial losses that can be saved once those involved are exposed and removed. The summarized case studies represent three large multinational organizations who lost millions in revenue due to organized fraud rings operating within their organizations. In all cases, Kane Advisors successfully applied the KANE Perspective methodology, resulting in identifying the fraud rings and their modus operandi.
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