Fraud can be catastrophic in both financial and reputational terms, and therefore, requires executive commitment to address related risks so that an organization is adequately protected.
Schneider Downs Business Advisors can provide you with the necessary expertise to evaluate your company’s current fraud mitigation plan and infrastructure, support your efforts to perform a fraud risk assessment or assist with the development of a robust fraud mitigation plan.
Unfortunately, many companies find out about their weaknesses only after they have been exploited by a fraudster. Even smaller frauds are a drain on an organization’s financial resources.
In today’s environment, no organization wants to throw away even a small percentage of revenues (3% to 5%) in fraud losses. Given recent headlines, fraud is at least on the radar of most organizational leaders. Executives typically wonder whether fraud can occur within their organization, beholden to their trust that their accountants have things in order, but lacking the expertise or resources to truly assess the status of their organization’s fraud mitigation program (if it exists).
Schneider Downs Business Advisors can assist executive leadership by performing an organizational Fraud Risk Diagnostic Evaluation, the first step in assessing an organization’s fraud readiness.
The minimal investment made for a Fraud Risk Diagnostic Evaluation can be offset by triggering necessary improvements or by simply serving as validation of the current state of the fraud mitigation program.
Our quick and efficient approach consists of an analysis of the following areas an organization’s fraud mitigation program:
In evaluating these areas, we highlight weaknesses in an organization’s fraud mitigation program, so that the organization can make necessary modifications, including the possible performance of a fraud risk assessment.
The Schneider Downs Business Advisory team empowers organizations in making informed decisions across accounting, financial, legal, and operational areas. From the ground floor to the C-suite, we provide strategic guidance to help clients succeed in today’s rapidly evolving business environment.
Learn more about our Business Advisory services or contact us for more information.
