In order to minimise the risk of fraud, it is important that businesses recognise the possibility of fraud occurring and the possible damage caused. In order to do this, a good starting point is a “quick scan” or an R&CSA (Risk & Control Self Assessment). Both are resources which can be used to identify, measure, monitor and mitigate risks. Risks and likely consequences are made explicit from an early stage. Due to the intensive participation of managers and colleagues in the process, an R&CSA will, in particular, lead to results which will have broad support.
The measures, bespoke or otherwise, which organisations can take to prevent fraud are always aimed at limiting opportunities and reducing the time it takes to discover fraud. In addition, every measure aimed at limiting fraud is related to one or more of the elements of the fraud triangle.