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Tuesday, 16 July 2013

Fraud - 10 Questions To Ask Yourself


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Fraud risk remains a constant problem for the General Insurance Industry. The consequences of this risk are not exclusively financial; they can also affect the organisation's reputation and as we have seen in recent events may result in an investigation by regulators. 

Here are some of the questions you could ask that can help identify and control fraud risk in your organisation:
  1. Have you identified high risk areas for fraud?
  2. Are the right people involved in high risk decisions?
  3. Are the right number of people involved in high risk decisions?
  4. Are appropriate background checks carried out on employees and representatives?
  5. Are there processes in place to monitor and manage outsource suppliers?
  6. Are relationships between staff, clients or suppliers managed and monitored?
  7. Is there any system of peer review or file audit?
  8. Do you undertake external audits of your compliance system?
  9. Do you undertake external reviews of your business processes?
  10. Do you undertake “mystery shopping” or other monitoring and supervision activities?
While the risk of fraud can never be eliminated, we can all stay vigilant to reduce the likelihood of it occurring in your business. 

If you would like any assistance in managing your fraud risk, please contact Gold Seal 03 9510 5100 or submit an inquiry on our website.

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