Big Four firm KPMG has released a new
white paper called
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
‘Companies need to take a strategic approach to fraud risk management by
aligning corporate values with performance,’ said
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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