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Fraud Risk Management

How can a company eliminate fraud risk completely? Is there a way to prevent all opportunities for fraud? Unfortunately, the answer is ‘no’, but the companies can mitigate the fraud risk by using a methodological approach. The approach should have the below aspects:

  • The companies should have high ethical behavioral standards for all the levels of hierarchy starting with the Board and spreading down to the whole organization and its business partners.
  • They should implement a structure where control environment is set for managing the fraud risks.
  • The companies should perform risk assessments not only for the risks that they might face during their daily operations, but also for the fraud risks that they might face because of either their inherent structure or other business partners.
  • The companies should establish certain control activities to prevent the fraud instances before they occur.
  • The awareness related to fraud should spread to all the members and related parties of the company, regardless of their effect in the decision-making process.
  • Senior management should oversee the fraud management activities and feel the ownership of responsibility related to fraud risks.

Service Details :

Fraud Risk Assessment

Conducting risk assessment and providing best in class recommendations

  • Information Gathering
    Collecting policies, procedures, rules and controls.
  • Interviews
    Meeting with relevant employees to understand the process, controls and technology.
  • Control Tests
    Assessing the design of current controls in place to prevent and detect fraud.
  • Gap Analysis
    Assess controls in place against expected controls in PwC Framework and identify any improvement areas.
  • Reporting
    Reporting observations, findings and recommendations to the relevant management.
  • Implementation
    Writing policies and procedures in relation to fraud fighting activities.

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Fraud Prevention & Detection Program Design, Implementation & Monitoring

How can PwC help you?

Fraud prevention programs place responsibility on a company’s employees, regardless of their level. Using applications shaped in accordance with the company’s needs, we provide help on the following issues:

  • Introduction of anonymous fraud reporting systems and assessment of the efficiency of existing systems
  • Establishment of code of ethics and provision of related internal trainings
  • Identification of business processes exposed to fraud risks and analysis of significance of impact and probability of such risks
  • Design of control activities regarding significant risks and improvement of existing control activities
  • Establishment of fraud monitoring and detection systems and related control activities
  • Assessment and improvement of precautions and action plan for use in event of detection of fraud.

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Fraud Maturity Program Asessment

Our Fraud Maturity Program Assessment involves the following procedures to help you with developing a solid program based on the components of Fraud Risk Management:

  • Identification of risks
  • Classification and evaluation of risks
  • Identification of controls in place
  • Assessment of the control environment
  • Determination of the fraud maturity program effectiveness

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Fraud Risk Remediation

We help you with developing a Fraud Risk Remediation plan which involves the following:

  • Determination of current risk management level
  • Development of action plan for the management to eliminate the identified risk
  • Design and implementation of a tailor-made fraud risk remediation plan.

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Anti-Fraud Control Review

We help you with developing an Anti-Fraud Control Review which involves the following steps:

  • Designing a list of control activities to identify and prevent fraud risks and developing an action plan, and periodically monitoring whether the actions listed in this list are realized
  • Creation of an abuse prevention and crisis management plan approved by the top management, covering all the company employees and stakeholders, identifying the duties and responsibilities, covering all the basic mechanisms of the anti-fraud process and crisis management

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Fraud Response Plan

We design fraud response and remediation plans which set out the organisation’s approach to tackling fraud. It is a formal means of showing the mechanisms in place for dealing with detected or suspected incidents of fraud. We help you with the design of fraud response which ensures that incidents are managed in a systematic and efficient manner. 

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Contact us

Gökhan Yılmaz

Gökhan Yılmaz

Forensic Services Leader, PwC Turkey

Tel: +90 212 376 5302

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