Anti-fraud services

Fraud is an uninvited guest in business life which means an ever-growing problem as they occur more and more frequently and in an increasing volume. When a fraud is committed, both financial and non-financial losses may be significant, and in addition they are topped with the expenditures of detection and investigation, further those of legal proceedings initiated in order to recover damages.

As occurrence of frauds cannot be fully eliminated, it is worth paying attention to this phenomenon from two different points of view. From one perspective, if a fraud is already in progress it shall be detected and stopped in the shortest time and in most details possible in order to avoid the increase in damages and other adverse consequences suffered. The other approach has a longer-term focus meaning that it is desirable to consider taking adequate preventive steps and setting up a dedicated fraud prevention strategy with the intention of efficiently preventing the occurrence of future frauds.

In order to achieve the above objectives, we render services in four general fraud-related areas for our Clients, which are:

Fraud prevention

The general professional viewpoints all over the world are congruent that fraud prevention – both considering costs and functional aspects – is more efficient than fraud detection, fraud investigation and recovery of lost assets and damages suffered due to fraudulent activities. Keeping this standpoint in mind, the drastic reduction of fraud occurrences shall be a key objective for every single organization in order to maximize profits. Fraud occurrences may be cut back and fraud detection rate may be simultaneously improved by applying adequately planned and consistently enforced preventive means and procedures. These two factors altogether have a positive impact on every entity: directly on the bottom line while in an indirect way on the market reputation of the firm and that of the senior management.

Our fraud prevention services cover:

  • setting up and review of corporate fraud prevention strategies and programs;
  • preparation and revision of internal anti-fraud regulations and business code of conduct;
  • building up a fraud hotline;
  • due diligence of organizational structure based on risk factors;
  • review and establishment of corporate internal audit system;
  • conducting background checks;
  • designing anti-fraud training programs;
  • designing a performance assessment system;
  • forming a risk assessment framework;
  • fraud risk assessment;
  • designing corporate fraud management programs.

Fraud detection

Besides analyzing past fraud cases the starting point for setting up a fraud prevention system is the assessment of fraud risks existing within the organization and the likelihood of their occurrence. The methods adjusted to potential risks applied within the framework of fraud prevention are substantively convenient for beating back frauds, nevertheless no one can make a responsible statement for any prevention method and system promising the complete liquidation of frauds. Fraud detection is a critical activity requiring appropriate professional approach since frauds are rarely isolated events. It is more likely that they are lingering in time and that they are committed recurrently, especially if initial and yet small scale frauds are not revealed early by internal controls built in corporate procedures.

Our fraud detection services cover:

  • conducting corporate due diligence based on risk factors;
  • revision of corporate processes, contractual system and business partners;
  • risk assessment regarding specific business processes;
  • reviewing the system of anti-fraud controls;
  • discovering and analyzing red flags indicating ongoing frauds;
  • mapping fraud risks being present in the specific business environment;
  • checking legal compliance of business operations;
  • monitoring compliance with internal regulations;
  • analysis of financial ratios and data from fraud perspective;
  • preparation of trend analysis based on fraud aspects;
  • operating fraud hotlines.

Fraud investigation

Fraud investigation is typically carried on when as a result of fraud detection or from other credible and verifiable source it turns out that in all probability there is a fraud occurring within the organization. In case of reasonable assumption of a fraud – partly in order to eliminate the discovered fraud, partly for the efficient prevention of future frauds – it becomes necessary to discover and summarize several facts and circumstances including the fraudulent process, the professional areas and organizational units affected by the fraud, the potential in-house and outside perpetrators, the existing evidences and the type and amount of suffered damages deriving from the fraud.

Our fraud investigation services cover:

  • establishment of a corporate fraud reaction plan;
  • management of primary investigation, assessing initial evidences;
  • conducting full fraud investigation procedure;
  • gathering and assessment of existing evidences, identifying potential fraud perpetrators;
  • identification and quantification of damages incurred as a consequence of the fraud;
  • determining circumstances supporting the occurrence of fraud;
  • writing detailed fraud investigation report.

After-fraud advisory services

Individual steps taken after fraud investigation by the management play a crucial role in fraud prevention and deterrence. In order that damages are recovered to the greatest extent possible, legal consequences are applied in the most adequate way and lessons learnt based on committed frauds are built in the organization’s system, we provide our Clients with after-fraud advisory services. These services provided after the fraud detection and investigation include rendering tailored and efficient solutions outlining proper claims to be established and recommendation for modifications  regarding the company’s anti-fraud prevention system.

Our after-fraud advisory services include:

  • reparation of the adverse consequences of frauds;
  • development of enforceable civil law claims;
  • weighing criminal and labor law consequences of frauds occurred;
  • preparation of an action plan in order to avoid future frauds;
  • making recommendations for correction and correction method of fraud-affected procedures and professional areas;
  • incorporating general fraud-related experiences into the organization’s fraud prevention system;
  • documentation support of insurance claims.

Get in touch

Should our services attract your interest, we remain at your disposal to the following contacts. We are happy to meet you in person based on pre-arrangement. If required, we are flexible to meet you at an external site or at your headquarters, as well.
+36 70 200 8884 © All rights reserved © All rights reserved