support
Send this page to a colleagueData quality news
KPMG: Fraud management strategy 'essential'
Nov 7 2006, 11:18 AM
Most organisations are aware of the need to implement fraud prevention strategies, but many do not take an integrated approach to fraud risk management, a new white paper from a leading audit firm has found.
Capturing and managing data accurately is important for both regulations and because of the financial implications of identity fraud, but companies' ability to adopt a policy to address this risk is not always effective, found researchers at KPMG.
Effective data management solutions, a comprehensive audit and monitoring plan and carrying out company-wide risk assessment were all important steps in developing approach to tackling fraud, according to the white paper; Fraud Risk Management: Developing a Strategy for Prevention, Detection, and Response.
"Companies need to take a strategic approach to fraud risk management by aligning corporate values with performance," said Richard Girgenti, at KPMG.
"Moreover, fraud prevention cannot be a one-off event. Companies need to view fraud risk management as an ongoing process and should continuously evaluate the effectiveness of their risk strategy and controls, particularly in light of developments in the market or regulatory environment," he concluded.
The white paper highlighted the increasing number of regulatory frameworks governing business conduct, particularly in relation to data, saying that integrated fraud risk management would "not only help support compliance with regulatory mandates but also may assist an organization in protecting its assets, including its reputation".
QAS's Authenticate Pro can help companies wishing to implement a fraud prevention strategy by quickly authenticating customers' identities electronically.
-
Ensure
ID
verification with Experian QAS
- Download our product brochures
- See our products in action - watch our demos
- You can also call us on 0800 197 7920 or email us direct
Related articles...
-
Data quality assurance 'needed to support the Big Society'
- Feb 18 2011, 09:31 AM Changes to the delivery of public services will require a focus on data quality assurance.
-
Identity authentication technology 'can reassure customers'
- Feb 17 2011, 10:28 AM More companies may wish to invest in identity authentication technology to help fight fraud.
-
Internet users 'need to stay aware of online scams'
- Jul 30 2010, 13:33 PM Internet users need to stay aware of developments in order to protect themselves against identity fraud and scams, an expert has warned.
For more data news, you can choose a category of your choice using the filter functionality on the right hand menu
