Development of an Anti-Fraud Program
A typical organization loses a certain percentage of its annual revenue to fraud. Fraud occurs regardless of organizational size or type. Every organization is vulnerable to fraud. Fraud risk must be reduced as much as possible. Hence, preventing, deterring, and detecting fraud are crucial. Deterring and preventing fraud can be more economical than detecting, investigating and recovering from fraud after-the-fact. These anti-fraud measures must start at the top and be communicated to all levels of the organization. They must go beyond internal controls and must be implemented on a cost-benefit basis.
In a nine- to 11-page, not including the title and reference pages, double-spaced paper, develop an anti-fraud program, or model, that can be implemented in an organization. This model, if applied correctly, must be efficient in preventing, detecting and deterring fraud. At the minimum, your model must address the following factors:
Fraud risk
Fraud risk assessment
Employees’ behavioral expectations
Fraud prevention policies and procedures
Fraud detection policies and procedures
Fraud deterrence policies and procedures
Cost-benefit analysis.