The Commonwealth Fraud Prevention Centre has published a new guide for Fraud Control Officers giving them a better understanding of the fraud risk assessment process and how it can benefit their organisations.
According to the Centre, the new fraud risk assessment guide provides key principles and methods taken from leading practices across public and private sectors.
“Commonwealth entities can apply or adapt these methods to suit their individual circumstances,” it said.
“Specifically, the guide will assist entities to underpin their counter fraud approach with an understanding of how their organisation could be defrauded.”
It said the guide provided a complete strategic-level profiling to identify areas of an organisation that are at higher risk of fraud, helping prioritise areas for further assessment.
The Centre described Fraud as serious, underestimated and often unchecked problem.
“Fraud against Commonwealth entities is driven by many factors, including vulnerabilities in policies, processes and systems that enable opportunistic individuals to take advantage,” it said.
“Fraud is a profession for capable and committed criminals who actively look to exploit government systems and programs.”
It said that every Commonwealth entity was exposed to fraud of some form, but because it is usually hidden from sight, constantly changing and not well understood by most people, the risks and impacts are often underestimated and overlooked.
“If left unchecked, fraud can seriously harm Commonwealth programs, officials, service providers and members of the public,” the Centre said.
The 32-page Fraud Risk Assessment Leading Practice Guidance can be accessed at this PS News link.
