Fraud Risk Management Framework

A Fraud Risk Management Framework is a structured approach that organizations use to prevent, detect, and respond to fraud. It involves identifying potential fraud risks, assessing their likelihood and impact, and implementing controls to mitigate those risks. The framework includes ongoing monitoring and evaluation to ensure the effectiveness of these measures. By creating a culture of awareness and accountability, organizations aim to protect their assets, maintain trust with stakeholders, and ensure compliance with laws and regulations. Essentially, it’s about being proactive and prepared to combat fraudulent activities effectively.