Conclusion

Fraud management is a process in its own right within an organization committed to implementing a robust risk management system. It is a sub-process within the company's overall risk management activity. As mentioned in this article, fraud is a recurring operational risk in organizations, whatever the sector or organization/company concerned. The Risk Manager's feedback concludes that no organization is immune to this risk; its exposure differs, of course, from sector to sector. As already mentioned, some sectors are more prone to the potential risks of internal fraud (a sub-category of risk which is normally not very frequent), while other sectors are subject to numerous attempts at external fraud. In regulated sectors such as banking and insurance, failure to manage these risks may in itself constitute non-compliance, which is considered a failure of internal control. In other sectors...