After a fraud incident is resolved, appropriate remediation plans must be devised to address high-priority gaps identified during the investigation. Remediation is one of the six pillars of a mature anti-fraud strategy, alongside prevention, detection, response, resolution, and reporting.
Structuring a CAP:
- Gap Identification: Using cross-functional reviews to identify process-level and entity-level gaps that may lead to future incidents if not filled.
- Control Strengthening: Adding or strengthening control activities based on the results of the investigation and subsequent risk assessments.
- Targeted Corrections: Focusing on vulnerabilities specific to the industry and operations rather than trying to control everything at once.
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