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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.

Download our checklist now to discover the 15 questions your organization needs to ask to prevent fraud.

Download the checklist

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.

Detecting financial statement fraud

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

Establishing proper controls with vendors and third parties

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.

Financial reporting compliance

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

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

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

Discover five signs of financial fraud that may impact your business including employee behavior and complex transactions and take steps to protect your organization.

Read more