Fraud Risk Management & Forensic Accounting

GRF can develop anti-fraud programs tailored to your organization’s needs. Program components include policies and procedures, risk assessments, communication protocols, monitoring activities, and evaluation of existing controls.

Once you have identified the most significant fraud risks to your organization, it may be necessary to perform a review specific to the identified risks. Our team assists clients in performing focused, deep-dive reviews into specific risk areas to provide observations and recommendations for control enhancements to minimize the likelihood and impact of identified risks. These reviews are an integral part of an anti-fraud program through addressing risks, demonstrating a commitment to proactive risk mitigation, and help to deter fraudulent activity from ever taking place.

Do you know the departments/processes at highest risk of fraudulent activity for your organization? Performing a baseline fraud risk assessment is a great first step to:

• Gain an understanding of the control environment and anti-fraud controls
• Assess the effectiveness of the anti-fraud program
• Identify, assess and prioritize the fraud risks for your organization
• Develop and implement recommendations to minimize fraud risks
• Provide a mechanism for monitoring and evaluation of fraud risks
• Create a culture of fraud awareness, accountability, and integrity

Depending on your organization’s size, structure and mission, risk of corruption may pose a higher likelihood and/or impact. Anti-corruption policies and procedures may be a critical part of the anti-fraud program and should be assessed on a periodic basis to ensure controls are properly designed and implemented to mitigate the risks posed by certain activities. GRF’s accounting investigations help our clients identify the processes (i.e., procurement, sales, government interaction) and schemes (i.e., bribery, kickback, overbilling) to develop observations and recommendations to enhance controls and limit the opportunity for corruption.

GRF helps organizations of all sizes understand where they currently stand and where they can improve the overall efficiency of their processes. We provide an analysis and review of your current third parties and any pending third parties, review of your SLA to identify any gaps that should be addressed, and scan the web to find potential vulnerabilities that should be patched up by your third party provider.

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Are you concerned with the adequacy of your existing control structure? Are there certain controls or processes that pose a significant fraud risk to your organization? An Internal Control Assessment and Best Practice Benchmark will evaluate the adequacy of the designed policies and procedures to verify that they are effectively implemented to mitigate the identified risks. These assessments can provide focused, deep-dive review of specific processes and their control mechanisms to provide recommendations for enhancement and incorporation of industry best practices based on size and structure.

We help create a proactive approach to the top industry threats. Our services include internal threat assessments, cybersecurity risk assessments, cybersecurity audits, cyber training, and access management.

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Have you identified unusual activity that may be indicative of fraud? Do you have concern over lack of segregation of duties that gives too much authority to certain individuals? GRF’s team of Certified Fraud Examiners, Certified Public Accountants, and Certified Information Systems Auditors helps clients perform detailed financial fraud investigations, with accounting and information technology testing over controls to identify and quantify fraud. Our fraud forensics team assists clients in navigating sensitive situations through performance of testing, reporting on findings, and communicating with internal/external parties on next steps.

Has your organization fallen victim to fraud and you’re not sure how it happened? Is money missing, data lost/compromised, and/or assets misappropriated, and you can’t figure out what went wrong? A root cause analysis will help to define what controls failed to prevent/detect fraud, identify a potential culprit, and provide recommendations to alleviate the opportunity for this to happen in the future.

The Association of Certified Fraud Examiners Report to the Nations finds notes that 43% of frauds were detected by tips. Having an anonymous channel to report known/suspected fraudulent activity is critical to minimizing your organization’s exposure and limiting the impact of fraud through timely detection. GRF can assist in providing forensic accounting experts to properly document, investigate, and report on whistleblower allegations received through your reporting mechanisms.