Fraud Risk Management Services
Manage fraud risks effectively to protect your organization’s reputation and assets.
Do you know the signs and symptoms of fraud?
Your organization can experience significant financial losses from fraud. It can also damage your reputation and brand, lower employee morale, and undermine the confidence of your stakeholders. Early detection and prevention can help protect your reputation, finances, and operations.
At MNP, our top priority is prevention. Our Fraud Risk Management Services team will work with you one-on-one to develop an anti-fraud plan customized to your specific needs, and designed to prevent, detect, and respond to risks of fraud. While fraud risk cannot be entirely eliminated, it can be effectively managed.
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Are you at risk for fraud?
Download our checklist now to discover the 15 questions your organization needs to ask to prevent fraud.
What’s your challenge?
Protecting against internal fraud
Internal fraud can be difficult to detect, as it is often committed by people in positions of trust, such as decision-makers, managers, and executives. Setting the tone at the top is particularly important to establish an anti-fraud culture in any organization.
Establishing proper controls with vendors and third parties
It is crucial to establish the proper controls and processes to reduce the risk of fraud involving vendors and third parties, who may be specifically targeting your organization.
Not knowing your risk profile
Many organizations do not know where to begin identifying their risk profile, and where their vulnerabilities lie. Businesses also often don’t know how to assess the effectiveness of any anti-fraud measures implemented.
How we help
Assessing your fraud risk exposure and anti-fraud controls
Our team will perform a thorough assessment of your fraud risk exposure and existing anti-fraud controls to identify weaknesses. We will also help your business fill the gaps with prioritized recommendations and solutions.
Develop a personalized approach
Many industries have unique fraud susceptibilities. Our team will ensure a tailored approach to your distinct needs and risk factors, resulting in practical solutions customized for your business.
Frequently Asked Questions
Early detection is crucial in fraud prevention as it mitigates additional damages by interrupting fraudulent activity at an early stage. It reduces financial losses, preserves evidence for investigations, and maintains organizational integrity. Most frauds go undetected for more than 24 months if appropriate detection mechanisms are not in place.
Common signs of fraud include unexplained discrepancies in financial records, missing documentation, unusual financial transactions, management override, excessive secrecy concerning processes or documents, and unexpected declines in profit margins. Behavioral red flags can include sudden changes in lifestyle or demeanor or reluctance to share job duties.
Anti-fraud controls are mechanisms to deter, detect, and respond to fraudulent activities. They include segregation of duties, access controls, policy compliance reviews, transaction monitoring systems, and whistleblower policies that encourage reporting of unethical conduct.
Insights
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Confidence
March 10, 2021
Fraud in the changing world Inoculating your business against risk
The global pandemic has opened new doors for fraud, making a refresh of your organization’s fraud risk management timelier than ever. Read our blog for tips and considerations.
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Confidence
January 03, 2023
Mitigating payment fraud in the face of evolving risks and tactics
In the past few years, the methods and frequency of payment fraud have evolved dramatically. Organizations have a responsibility to adapt.
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Confidence
March 15, 2023
Five signs your business may be a victim of fraud
Discover five signs of financial fraud that may impact your business including employee behavior and complex transactions and take steps to protect your organization.
Contact our Forensics and Litigation Support Team
Lisa Majeau Gordon , FCPA, FCA, CA•IFA, CFE, CFF
Forensics & Litigation Support Team
Corey Anne Bloom FCPA, CPA•IFA, CFF, CFE, ACFE Regent Emeritus
Partner, Eastern Canada Leader (Quebec, NCR and Atlantic Canada), Forensics, Investigations and Disputes
Alessandra Leggio Di Matteo CPA, CA, CPA (Florida), CFE, CAMS, CFI, MBA
Partner
Jacklyn Davies CPA, CA, CFF, DIFA
BC Leader, Forensic and Litigation Support Services