Welcome to Season 2 of the award-winning Data Driven Compliance. In this new season, we will look at the new Failure to Prevent Fraud offense. Join host Tom Fox as we explore this new law and how to comply with it through the lens of data-driven compliance. KonaAI sponsors this podcast and is joined by Jonathan Marks from BDO.
Today, we look at the distinctions between fraud risk assessments and compliance risk assessments. Despite initial similarities in risk control and governance, the two are fundamentally different in purpose, methodology, and impact. We also explore how compliance risk assessments ensure organizations follow laws, regulations, and policies, while fraud risk assessments focus on identifying, assessing, and prioritizing potential fraudulent activities. Key elements, including fraud schemes, concealment techniques, conversion motivations, and red flags, are discussed. Additionally, we emphasize the need for specialized skills and experience in conducting these assessments and highlight the role of continuous improvement in strengthening organizational resilience against both compliance and fraud risks.
Key highlights:
- Understanding Fraud Risk Assessments
- Key Elements of Fraud Schemes
- Identifying and Evaluating Red Flags
- Connecting Red Flags to Controls
- Compliance Risk Assessments Explained
- Differences Between Compliance and Fraud Risk Assessments
Resources:
BDO
Jonathan Marks on LinkedIn
konaAI, a Covasant company
Click here for konaAI White Paper Rethinking Compliance: Practical Steps for Adapting to the UK’s New Fraud Legislation
Connect with Tom Fox on LinkedIn
