Because of the current crisis, companies are not earning income as they did in prior years, and it may take years to recover. In the areas of fraud prevention and other risks, we are viewed as an expense. They believe we do not generate business and even see us as stoppers. This is an incorrect belief, but it is up to us to show the value we have and we must re-think how we can show our value.
The ideal solution is to show business-quantifiable results that incorporate amounts saved and/or recovered as part of our management because all that money would be wasted if we did not have areas dedicated to detective surveillance.
Statistically, demonstrated that the change or proposed control solutions to combat fraud made the process more effective, less vulnerable, and lucrative for the firm. When assessing the risks of new processes, conduct a thorough, end-to-end evaluation from beginning to end in order to recommend strategic controls rather than redundant or detective controls.
Before the pandemic, review and reconsider the hazards to see if they have remained or altered. If this is the case, you ensure that the risk matrix is up-to-date. Validate how risks are managed and whether it is appropriate for the current circumstances. In this day and age of remote work, double-check which doors are open and which are closing.
In these final three areas, it is critical to show your soft skills of collaborative work between the three lines of defense and to sharpen our five senses:
Observing the procedures with skepticism
Having a knack for susceptible procedures and always considering the fraudster’s chances of committing a crime Communicating assertively, understanding how to say “I disagree,” is necessary, but you must also know how to explain it. Virtual communication is a new ability that we must learn now more than before.
Listening actively to the business needs, establishing synergies, and becoming involved to understand them and see how we can help. Accompanying the firm by hand in projects, providing consulting, and assisting in the design of new projects because the epidemic is interesting us to establish new processes.
Keep in mind the need to reinvent ourselves and add value to the function. We are not fraud reaction teams, but fraud prevention teams. The police, archery, and “fire extinguisher” functions are no longer available. We do not expect to learn about the effects by chance or through complaints.
That is a sign that there are things to improve and that it is time to get started, but in order to do so, it is necessary to know how to accomplish it under the method. Empirical evidence does not ensure successful fraud risk management, and well-implemented controls are essential to help us prevent and save expenses.