Fraud Risk Assessment Leading Practice Guide and related tools
Table of contents
The Fraud Risk Assessment Template
The Fraud Risk Assessment Template can help you record, assess and evaluate detailed/operational-level fraud risks in a consistent way.
The Strategic Fraud Risk Profiling Tool
The Strategic Fraud Risk Profiling Tool is designed to help Australian Government officials identify high risk areas while prioritising efforts in their entities. It is good practice to first develop a strategic fraud risk profile for your organisation before embarking on a detailed fraud risk assessment.
Fraud Risk Assessment Leading Practice Guide
The fraud risk assessment guide provides key principles and methods taken from leading practices across public and private sectors. Australian Government entities can apply or adapt these methods to suit their individual circumstances. The guide will also help fraud specialists, government officials (including policy designers) and senior leaders better understand the fraud risk assessment process and how these assessments can benefit their entity.
1. Introduction
Fraud is a serious, underestimated and often unchecked problem that directly undermines the goals and reputation of the Australian Public Sector.
2. Core foundations for leading practice
The five conditions that support and underpin leading practice in fraud risk assessment are strong leadership, effective fraud control planning, supported and capable Fraud Control Officers, accountable fraud risk owners and strategic direction and oversight.
3. Where to start
Good starting points for conducting fraud risk assessments include conducting an environmental scan, developing an enterprise-level risk assessment, supporting officials to identify and evaluate their own fraud risks and undertaking strategic fraud risk profiling.
4. The fraud risk assessment process
The fraud risk assessment process is broken down into four key steps: risk identification, risk analysis, risk evaluation and risk treatment.
5. Reporting, monitoring and review
Leadership is critical to ensure activities such as strategic risk profiling and fraud risk assessments are reported, monitored and reviewed to achieve effective fraud prevention outcomes.