Fraud Risk Management

At KPMG, we recognize the significance of quick and effectively addressing fraud risks. That's why we have created the Quick Win Anti-Fraud Check-Up, a targeted initiative aimed at driving quick enhancements in vital aspects of your organization's fraud risk management.

We will collaborate closely with your organization to pinpoint and tackle crucial areas for improvement. Through our expertise, we offer practical recommendations and solutions that deliver quick wins in your anti-fraud activities.

The Quick Win Anti-Fraud Check-Up focuses on key areas of governance to drive improvements within your organization's fraud risk management. We assess the effectiveness of your organization's governance structure in addressing fraud risks. By evaluating the clarity of roles, responsibilities, and accountability, we help strengthen the overall governance framework to help you enhance fraud risk management capabilities.

Our Fraud Risk Assessment service offering is designed to help organizations proactively manage and mitigate the risks associated with fraud. Through a comprehensive and tailored approach, we provide valuable insights and recommendations to strengthen your organization's fraud prevention and detection capabilities. Our service includes the following key components:

1. Risk Identification: We assess processes, systems, and operations to identify areas that may be vulnerable to fraud risks. Through a comprehensive analysis, we examine critical factors such as financial controls, data security measures, vendor management practices, and employee conduct to identify potential areas of concern.

2. Control Testing: Our team evaluates the effectiveness of existing controls in mitigating fraud risks. We assess the design and implementation of controls across various business functions, including finance, procurement, operations, and human resources. This evaluation helps identify control gaps, weaknesses, and areas for improvement.

3. Fraud Governance Assessment: We assess current fraud detection mechanisms and assess their effectiveness in identifying and detecting fraudulent activities. This includes evaluating the use of advanced analytics, data monitoring tools, and anomaly detection techniques to proactively identify potential fraud incidents.

4. Policy and Procedure Review: We review fraud prevention policies, procedures, and code of conduct to ensure they are comprehensive, up to date, and aligned with industry best practices.

5. Training and Awareness: We assess training and awareness programs related to fraud prevention and detection. We help identify gaps in employee knowledge and understanding of fraud risks, and provide recommendations for targeted training initiatives to enhance fraud awareness and promote a culture of ethics and integrity.

6. Reporting and Monitoring: We assess the effectiveness of incident reporting processes, escalation procedures, and case management systems. Our recommendations focus on improving the efficiency and accuracy of reporting, as well as enhancing the monitoring and tracking of fraud-related activities.

Our Fraud Maturity Assessment service is designed to evaluate and improve your organization's ability to prevent and detect fraud. We assess the maturity of existing structure, processes, policies, and procedures by comparing them to industry-leading practices. This helps you understand where you stand in terms of fraud risk management and identify areas for improvement.

1. Benchmarking: We compare your organization's current state against industry-leading practices and maturity models in fraud risk management. This involves evaluating the structure, processes, policies, and procedures in place to assess their alignment with industry standards and best practices.

2. Gap Identification: We identify gaps or areas of improvement in your organization's fraud prevention and detection framework.

3. Recommendations: We provide actionable recommendations to address the identified gaps and improve your organization's fraud prevention and detection capabilities.

4. Implementation Support: We provide support in implementing the recommended improvements. This may involve assisting with the development and implementation of updated policies and procedures, providing training programs to enhance fraud awareness and prevention skills, and guiding the integration of technology solutions to strengthen fraud detection capabilities.
.

Our Fraud Target Operating Model Design services are designed to help organizations establish an effective and efficient framework for managing fraud risks. We work closely with our clients to assess their current fraud management practices and design a target operating model that aligns with their unique needs and objectives.

We provide support throughout the implementation of the target operating model, assisting with change management, stakeholder engagement, and ensuring a smooth transition to the new framework. Our experienced professionals work closely with your team to address any challenges and provide guidance to ensure successful adoption of the new operating model. .

Our Anti-Fraud Technology and Rule Optimization services are designed to help organizations leverage advanced technologies and optimize rule-based systems to enhance their fraud detection and prevention capabilities. With our expertise in fraud analytics and technology solutions, we offer the following service components:

1. Technology Assessment: We conduct assessment of your fraud detection systems, data sources, monitoring tools, and analytical capabilities. Our experienced team identifies any gaps or inefficiencies in your current technology infrastructure, enabling us to provide tailored recommendations for improvements.

2. Technology Implementation: We understand that each organization has unique needs when it comes to combating fraud. We offer tailored assistance in implementing anti-fraud technologies. Our team collaborates closely with you to understand your specific requirements, and then we guide you through the implementation process.

3. Rule Optimization: We assess and optimize rule-based systems designed to detect and prevent fraud. Our experts analyze fraud scoring models, transaction monitoring rules, and alert generation mechanisms. Through testing and analysis, we fine-tune these rules to increase accuracy, efficiency, and effectiveness in identifying suspicious activities. By reducing false positives and improving detection rates, we streamline fraud alert management and minimize manual efforts.

4. Data Management and Integration: We assist in the development and implementation of robust data management strategies for fraud prevention. This includes data quality assessments, data governance frameworks, data integration and consolidation, and data enrichment techniques. By ensuring the availability of reliable and relevant data, we enable more accurate and comprehensive fraud analytics.

5. Performance Monitoring and Enhancement: We establish performance monitoring mechanisms to track the effectiveness of your anti-fraud technology solutions.