The organisation's Fraud Policy should be a short, precise document that can be understood and acted on by the appropriate personnel within the organisation. In broad terms, and in addition to the points noted above, the plan may also cover the following 1. A general review of robustness of existing systems, procedures and controls in preventing fraud (1) 2. A means for regular testing of such controls (1) 3. The identification of assets (including corporate information and plans) most at risk (1) 4. An appraisal of the threat of fraud on those assets and how it might manifest itself (1) 5. The means of damage limitation and recovery of funds if fraud occurs (1) 6. An unequivocal statement that all fraud offenders will be prosecuted (1) 7. The steps to be taken in the event a fraud occurs and who is responsible for taking action including: 7.1. Assigning responsibility for an instant response to the occurrence

Question

The organisation's Fraud Policy should be a short, precise document that can be understood and acted on by the appropriate personnel within the organisation. In broad terms, and in addition to the points noted above, the plan may also cover the following 1. A general review of robustness of existing systems, procedures and controls in preventing fraud (1) 2. A means for regular testing of such controls (1) 3. The identification of assets (including corporate information and plans) most at risk (1) 4. An appraisal of the threat of fraud on those assets and how it might manifest itself (1) 5. The means of damage limitation and recovery of funds if fraud occurs (1) 6. An unequivocal statement that all fraud offenders will be prosecuted (1) 7. The steps to be taken in the event a fraud occurs and who is responsible for taking action including: 7.1. Assigning responsibility for an instant response to the occurrence

7.2. Recovering funds
7.3. Dealing with the media
7.4. Preserving evidence and reporting to the police

Answer 1

8. The procedures for reporting suspected fraud, including whistleblower protections (1)

9. Training and awareness programs for employees to recognize and prevent fraud (1)
10. Regular audits and internal reviews to identify potential fraud risks (1)
11. Clear guidelines on disciplinary actions for employees found guilty of fraud (1)
12. Regular monitoring and review of the Fraud Policy to ensure its effectiveness (1)
13. Collaboration with external stakeholders, such as law enforcement agencies, to combat fraud (1)
14. Confidentiality measures to protect individuals involved in reporting or investigating fraud (1)