A Fraud Risk Management program must evolve with the business; it cannot remain static. Senior management and the board are responsible for monitoring and evaluating the effectiveness of the program on an ongoing basis.
Monitoring Activities:
- Benchmarking: Partnering with specialized advisors to benchmark the current program against global industry standards.
- Internal Audits: Including fraud risk as a standard part of regular control reviews and audits.
- Vulnerability Re-assessment: Regularly identifying new blind spots and emerging risks as the organization grows or changes.