About
Estimated annual losses due to the materialization of fraud risks rounds at USD 3 billion, or about 5% of revenues. These estimates often do not include the most important category: loss of image and trust of customers and co-workers . Many companies have various "countermeasure programs" but they often do not work in practice , which is only revealed when fraud "happens".
At the same time, current fraud risk management concepts provide a high level of security if properly implemented. A properly functioning fraud risk management system, including an internal control system, is the best protection: 82% of companies in which fraud was detected have implemented or improved the risk management/internal control system (ACFE, Report to the Nations 2024).
Why do so many companies and organizations still not use solutions that can effectively safeguard against fraud today? Because implementing and maintaining a functioning fraud risk management system is costly, and the cost-benefit analysis is often poorly calculated. We know how to implement a practical, cost-effective and efficient solution for which the benefits will significantly outweigh the costs. A fraud risk management system is:
- Often a regulatory requirement. We ensure its compliance.
- A higher value of the company for the potential buyer, including investment funds. We know how to increase the value of your company.
- Increased trust among suppliers, partners and customers. We will help you increase trust in your company and make it easier to do business.
Our offer is especially addressed to:
- Owners of listed and private companies
- Investment funds
- CEO / CFO / CAE of medium and large companies / capital groups
Process
Our approach is always tailored to the specifics of a given organization and the specifics of a given situation. Thanks to cooperation with ACFE ( Association of Certified Fraud Examiners , the world's largest organization specializing in counteracting fraud (90,000 members)) and our experience, we use the best practices, knowledge and competences. In the tabs below, we present our approach to implementing fraud risk management, present the possible scope of our services, describe our experience and other activities we conduct in the field of combating fraud.
Approach
We use different reference points, different Standards and Good Practices. The most important reference point is always Your expectations and our knowledge and experience.
In some cases, our clients expect work to be carried out in strictly defined areas, usually in those where fraud have historically occurred, e.g. the area of purchasing. We can also offer a broader perspective, taking into account the link between control and business processes, and ultimately the way the organization is managed. Therefore, our offer may include reviewing and improving the maturity of the Corporate Governance in the company (Code of Ethics, Risk Management Policy, Business Processes, Internal Control, Authorization Matrix, Anti-Corruption Policy, Whistleblowers), i.e. the overall implementation of risk management in the organization. The scope of such implementation may include 3 levels:
- Basic: analysis of key controls in a specific area, defined by the customer (e.g. limited to purchasing, or financial controls in the financial reporting process).
- Advanced: identification and description of key business processes ( e.g. flowcharts / swim lanes ) + design of appropriate internal controls ( Risk & Controls Matrix) + training for the client's employees.
- Mature/Comprehensive (Full scope ): comprehensive analysis and improvement of Corporate Governance elements according to stock exchange standards/Better Practices.
