Risk assessment: Identifying where your organization stands regarding fraud risks.
2. Risk mitigation: Determining the steps to reduce key fraud risks.
3. Fraud prevention: Using a mix of fraud detection strategies, tools, and best practices to identify potential fraud risks.
4. Fraud detection: Adopting tools to identify and notify employees of potential fraud in real-time.
5. Monitoring and Reporting: Tracking the progress, making adjustments, and reporting findings and outcomes to see what works or needs corrective action.