Information Sheet Element 1 – Fraud and Corruption Risk Assessments
Publication date
March 2024
This information sheet forms part of a series of resources to help officials understand and implement the new Commonwealth Fraud and Corruption Control Framework. To access other information sheets, go to Learn about the Fraud and Corruption Control Framework.
Purpose
This information sheet will help Commonwealth officials understand:
- how to identify fraud and corruption threats
- how to apply a risk-based approach to conducting fraud and corruption risk assessments
- different levels, types and further guidance on fraud and corruption risk assessments
- relevant policies, frameworks and standards.
At a glance
Some of the key points discussed in this information sheet are:
- All Commonwealth entities face risks from fraud and corruption.
- Fraud and corruption risk assessments help entities identify, understand and document the potential sources of fraud or corruption against the entity, the associated risks and their existing control arrangements.
- Entities must undertake fraud and corruption risk assessments at the enterprise (whole of organisation) level.
- Specific risk assessments may also be appropriate for an entity’s highest risk activities, functions and programs.
Related links
- Learn about the Fraud and Corruption Control Framework
- Commonwealth Fraud and Corruption Control Framework 2024
- Information Sheet: Element 2 – Fraud and corruption control plans
- Information Sheet: Element 3 – Reviewing control effectiveness
- Information Sheet: Element 4 – Governance and oversight
- Information Sheet: Element 5 – Preventing fraud and corruption
- Information Sheet: Element 6 – Detecting fraud and corruption
- Information Sheet: Element 7 – Investigation and other responses
- Information Sheet: Element 8 – Recording and reporting fraud and corruption