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Effective from Oct 11 2022 - Oct 10 2022 To view other versions open the versions tab on the right
Principle
A Fraud Risk Management Framework should be defined, approved and implemented, and should be aligned with the Member Organisation’s enterprise risk management process.
Control Requirements
a.
The Fraud Risk Management Framework should be defined, approved and implemented.
b.
The effectiveness of the Fraud Risk Management Framework should be measured and periodically evaluated using Key Performance Indicators, including at a minimum the volume and value of fraud cases.
c.
The Fraud Risk Management Framework should be aligned with the Member Organisation’s enterprise risk management process.
d.
The Fraud Risk Management Framework should address at a minimum:
1.
Intelligence Monitoring.
2.
Fraud Risk Assessment.
3.
Fraud Risk Appetite.
4.
Key Risk Indicators (KRIs).
e.
Fraud risk management activities should involve, but not be limited to, the following stakeholders:
