Fraud

System

Hello,

I'm currently trying to write my Unit 10 Project but part of the criteria is to grade the risk of fraud. how do i do this? is there a set way or is it a case of making an educated guess?

Any advice would be gratefully received.

System

Re:Fraud

Sophie
Whatever your project is on is there anyway that a person can remove anything from your working establishment without informing anyone or without authority. This is essence is fraud.
Sleeps

System

Re:Fraud

but how do you grade the level at risk?

System

Re:Fraud

What is your project on?

Do you handle cash or process credit card details?
Does your business have regular stock takes and/or maintain an asset register?
Do you have password protection on computers?
Is there a chain of command that successively checks the work of each preceding link/person/department?
Are personnel records kept secure and in line with the Data Protection Act?

All of these areas and more can be liable to fraudulent behaviour - you just have to look. Try imagining in the first person how you could personally exploit the weaknesses of the company if you were deviant enough and then write third person controls to prevent this. The severity is graded on how compromised each of the systems could be if left unprotected and the losses potentially suffered.

For scoring you could adopt a risk assessment type matrix, scoring 1-3 for risk and 1-3 for likelihood. So where high risk but low likelihood would only score 3, high risk and high likelihood will score the maximum 9.

Regards,

Robert