Big Four firm KPMG has released a new white paper called Fraud Risk Management: Developing a Strategy for Prevention, Detection, and Response, setting out what companies need to keep in mind when developing a strategy for tackling the problem.

According to the white paper, effective fraud risk management provides an organisation with tools to manage fraud and misconduct risk in a manner that meets regulatory requirements, as well as the entity’s business needs and marketplace expectations.

‘Companies need to take a strategic approach to fraud risk management by aligning corporate values with performance,’ said David Luijerink, director in KPMG Forensic.

‘Fraud risk management must become part of the corporate culture. The board, senior management, internal audit, in fact all employees, have a role to play to ensure that the company is enacting and achieving ethical and responsible business practices,’ he added.

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