Building a Fraud Risk Assessment That Withstands Scrutiny

This article emphasizes the critical need for robust fraud risk assessments that go beyond mere compliance and can withstand rigorous questioning from regulators, auditors, and legal counsel. It highlights that generic assessments are insufficient given the rising sophistication and financial impact of fraud, which cost organizations an estimated $534 billion last year. The piece advocates for a proactive approach, urging organizations to build assessments with the expectation of future scrutiny to effectively protect against vulnerabilities and potential losses.