Boston – Risk Analytics Strategies, LLC of Dracut, MA announces the release of FraudVision™, the “first of its kind” software that specifically addresses the automation of fraud risk assessments.
Much has been written about the importance of conducting regular Fraud Risk Assessments (FRA). These are detailed evaluations of an organization’s vulnerabilities to specific fraud schemes and scenarios and are typically used by internal audit or management – or both – to devise ways to remediate internal control weaknesses that could enable a fraud to occur.
Problem: Despite the proven value of fraud risk assessments, a number of surveys show that under 40% of organizations perform them. In fact, only 35% of the organizations victimized by fraud in the Association of Certified Fraud Examiners (ACFE) 2012 “Report to the Nations” performed FRA’s.
By contrast, organizations that have conducted FRA’s—or do so on an ongoing basis—generally say that the benefits are well worth the effort. That may be in part why the IIA, AICPA and ACFE state in their 2010 “Managing the Business Risk of Fraud: A Practical Guide” that “the foundations of an effective fraud risk management program are rooted in a risk assessment.”
FraudVision™ is a Fraud Management Software tool that provides an intelligent and robust platform to promptly take control of six areas critical to the management of fraud risk:
1. Fraud Risk Management Practices
2. Fraud Risk Assessment
3. Fraud Audit Program
4. Fraud Data Sampling Plan
5. Issues and Response Management
6. Fraud Training and Education
For more information you can contact Risk Analytics Strategies at email@example.com or (978) 337-0273.