The key components of a strong fraud management strategy are:
Governance: A company’s rules, processes, and practices that control fraud risk management.
Assessment: The process of assessing risks, as well as how likely they are to occur and what their impact could be.
Prevention: The implementation of software, policies, and procedures to protect against identified fraud risks.
Detection: Fraud risk detection programs scan a company’s IT environment for fraud and stop it before it can do damage.
Monitoring and reporting: The ongoing work of monitoring and improving a fraud management strategy.