Fraud risk management framework & methodology

Types of Fraud

Organisations are vulnerable to many types of fraud, from within and outside the business. Fraud is an issue that all businesses or companies may face regardless of their nature of business, size of operations, industry or jurisdiction.

The main types of fraud that businesses or companies may face are illustrated in the graph below:

GEMM's fraud risk management framework - continuous cyclical process

GEMM has developed, a tailor made designed for each business and company, fraud risk management framework which aims to assist our clients  improve the processes and controls they have in place to prevent and detect fraud and develop and strong governance and reporting structure with clearly defined roles and responsibilities around fraud risk. 

GEMM's fraud risk methodology & approach

Fighting fraud effectively requires a comprehensive risk management framework (refer to previous slide) and utilisation of a comprehensive methodology and approach covering the full anti-fraud cycle of prevention, detection and response to fraud as illustrated in the figure below: