Fraud Risk Assessment

Scope of Work

• The client wanted us to assist in performing fraud risk assessment to evaluate the key risk concerns and remediation measures to mitigate risks.
• Conduct fraud risk assessment of customer life cycle, namely
  • Sale force set-up & Agency Payouts
  • Policy Sourcing,
  • Policy Servicing,
  • Policy Termination, and
  • Procurement to Pay

• Perform walkthrough of processes, document review, data analytics and gather market intelligence etc,
• Provide control gap assessment findings, recommendations to mitigate fraud risk in the identified processes and improve governance and structure

Outcome

• Formulated fraud risk control matrix to highlight heat map, effectiveness of control and suggested recommendations for processes. Our findings and recommendations helped the client to improvise existing system and replicate best industry practices.

Value added

• As a value added service provided a Identified red flags through data analytics based on illustrative tests for all processes and assessed the likelihood of red flags. Conducted further analysis through sample review of documents, gathered market intelligence to corroborate findings for exceptions noted.
• Our data analytics helped client to addressed key concerns such as lack of segregation of duties, spurious calling, conflict of interest (employee and vendor having same bank account number) duplicate code creation (vendor/ client/ agent)