Fraud refers to a criminal act of deception that results in unlawful personal gain which will primarily be financial. The article, “ When thinking about fraud, consider your risk” , elucidates essential information about fraud activities and also fraud risk management strategies that organizations should embrace in the fight against rapidly rising fraudster activities. The author, Linda Miller, sheds light on the threat fraudster activities pose on the respective target organization. She further focuses on the various means that can be used to address imposter activities and prevent the risk of losing financial stability in an organization.
Fraud activities aim at unlawfully or illegally benefiting from the organization through swindling financial or other assets. The article also addresses active measures that can be used by organizations/ institutions to counter threats and risks posed by fraudster activities successively ( Miller, 2018) . For instance, some measures in the article include the use of reactive or proactive measures. Proactive measures are used to address the risk by use of preventive measures. Also, proactive measures reduce the risk of falling victims to fraudsters. On the other hand, reactive measures are used to address already existing fraud risks. Fraud, if not addressed on time, is capable of causing tremendous loses and also makes an organization taints its image and overall brand.
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This article also articulates credible information relating to fraud risk assessment strategies that promote success for an organization. Some techniques that should be embraced to ensure quality risk assessment include; an approach that is based on available information other than perception is more yielding in risk assessment ( Miller, 2018) . Scenario-based risk assessment is also more objective when conducting a risk assessment, thus is capable of resulting in more productive and successful outcomes. Use of fraud risk workshops is also essential since it helps provide a baseline for the prospective risk assessment.
In conclusion, it takes an organization a lengthy process to successfully manage its fraud risk. Any organization needs to establish anti-fraud training, thus enhance the raising of awareness on the dangers associated with fraudster activities. The article helps highlight these aspects of fraud and offers plausible solutions to the problem.
Reference
Miller, L. (2018). When thinking about fraud, consider your risk. Fraud Examiners Magazine . https://www.fraud-magazine.com/article.aspx?id=4295001065
