Managing fraud and corruption control can be a daunting task for organisations. The challenge is to ensure that your Fraud and Corruption Control System (FCCS) addresses risks relevant to your organisation without going overboard.
At Centium, we will help your organisation navigate this complex terrain. In this article, we explain how our Fraud and Corruption Evaluation Tool (FACET) provides transparent advice and guidance on an appropriate, “right-size” level of fraud and corruption control for your organisation.
The first step to effective fraud and corruption prevention is to determine your organisation’s sensitivity to such risks. Using our FACET tool, we interview key stakeholders and gather information about your business to assess and confirm its sensitivity to a fraud and corruption incident.
This level of sensitivity will determine the level of maturity we recommend for your FCCS as per a rating visual scorecard below. Sensitive ratings are scored from Low, Medium to Critical with a recommended minimum standard.
Importantly, this information allows us to recommend an overall maturity level for your FCCS. For example, if you have a very high or critical sensitivity, we might recommend “Leading” controls. Conversely, if you have a medium sensitivity, “Sound” or “Strong” controls might be more appropriate.
We encourage you to involve and engage your Board and/or Executive Team in this part of the assessment by asking them to confirm our results.
Once we have determined the recommended maturity level for your FCCS, we use FACET to help analyse the current state. This involves gathering more detailed information on your organisation’s charters, codes of conduct, policies, procedures, and interviewing key personnel.
Our Auditor then assesses and inputs this information into FACET, and determines the current status or maturity level of your FCCS against constituent elements such: Foundations, Prevention, Detection, and Response. At this stage we also benchmark the maturity status of your FCCS against similar sized organisations within your operating environment.
Below is a visual of how an `Assessed Maturity Level’ might look for your organisation.
Our targeted advice provides your Board and Executive Team with a transparent and logical call to action and approach.
It enables you to implement an appropriate, targeted and `right-sized’ FCCS without over-engineering or over-complicating the recommended approach. See a visual example of how a `Target Maturity Level’ can look for your organisation.
Our clients have provided positive feedback on our FACET approach and its results. Our tool embodies our values at Centium, providing smart, evidence-based solutions that are holistic and tailored to your organisation’s needs.
If you are interested in learning more about FACET and how this can benefit your organisation, please contact us at Centium for a quote or no-obligation demonstration: