Fraud Risk Services

A study commissioned by the Association of Certified Fraud Examiners (ACFE) estimates that typically organisations lose some 7 percent of revenue to fraud*.
This translates to big numbers on the bottom line with billions of dollars lost each year. Monetary loss is only one consideration. Fraud can also mean significant damage to reputation, disruption to business and regulatory sanctions. The good news is that there is a great deal that organisation’s can do to combat the threat of fraud and Aon’s fraud services specialists can help. We operate in Australia, New Zealand and the wider Asia-Pacific Region.

Governance and fraud
According to Aon’s annual Australasian Risk Management and Total Cost of Insurable Risk Survey, concern with corporate ethics and governance is a top of mind issue for the board and senior management. Crucial to corporate ethics and good governance is the ability to effectively manage fraud and other corrupt conduct.

Our specific areas of expertise

• Diagnostic assessment of existing fraud control programs. An independent appraisal of your existing fraud control efforts will assist you to understand the strengths and weaknesses of your current defences when compared to both local and international best practice guidance in this area.
• Fraud risk assessment. Fraud risk assessment is an essential process in understanding where your organisation is vulnerable to the threat of fraud and other corrupt behaviour and how to take control.
• Preparation and advice in relation to fraud control plans and policies. Having a fraud control plan or policy in place will assist your organisation address the risk of fraud in a comprehensive and coordinated manner.
• Employee fraud awareness training. Employee involvement and engagement is an essential component of fraud control. Your employees need to understand the critical role they play in preventing, identifying and reporting fraud.
• Investigation services including:
  > Fraud and misconduct investigations
  > Assessment of current investigative capability
• Organisations cannot afford to compromise the investigative process. The conduct of investigations calls for specialised skills and experience. This includes:
  > Conducting formal interviews
  > Asset tracing
  > Computer forensics including data collection, preservation, extraction and analysis
  > Forensic accounting, including assisting with the quantification of loss
  > Litigation support
• Aon has a highly skilled investigations team with considerable law enforcement and regulatory agency experience. We are well placed to assist our clients through the investigative process.
• Business intelligence (including financial and non-financial merger and acquisition due diligence). The management of fraud is an issue for organisations not only at home but also when they look to invest offshore. With regulations and business conditions varying across the world, businesses need timely and prudent strategic advice. We have the global resources and experience to help.
• Fraud and ethics helpline advisory service. The majority of frauds are often detected as a result of employee tip-offs. An effectively functioning fraud and ethics helpline may uncover fraud and other serious unethical behaviour before it does serious damage. Aon Fraud Services can assist in the design and implementation of a helpline program.
• Physical Security Advisory. Protect both your people and business from physical circumstances and events such as break-ins and theft.

Fraud health checklist
There are a number of elements considered essential to the success of an organisation’s approach to controlling fraud and other serious misconduct. The following fraud health checklist is designed to provide a quick snapshot of some of those key elements.

If you answered ‘No’ to any of the above, are unsure in your responses or uncertain of just what your organisation is doing to manage fraud risk then perhaps it’s time to talk to Aon’s Fraud Risk Services Team.