Fraud Risk Assessments

Fraud risk management is a dynamic process. Fraudsters constantly change the way they operate to exploit the weakest links in any process, technological change is growing exponentially, and there is intense and increasing scrutiny from government, regulators and the media. And as organisations grow, mature and evolve, so their fraud risks change.

Regular fraud risk assessments and ranking of fraud risks against existing fraud controls are crucial to keeping abreast of this shifting landscape.

Whatever the nature and size of your business, you cannot afford to ignore the risk of fraud. Often, it is the smaller organisations that have the most to lose if hit by fraud. Equally, they may not have the time, resources or expertise to focus on an accurate assessment of the fraud risks that may impact their business.

This is where the AJC Fraud Risk Consultancy team can help. Our methodology assists and guides organisations to identify where they are most vulnerable to the risks of fraud, the threats they face, how they can prevent and detect fraud, and how to evolve and adapt to the ever-changing environment.

Our fraud experts are adept at working with and supporting existing staff within the business to assess fraud risks. We use a bespoke Fraud Risk Evaluation Questionnaire which we can tailor according to your needs. It looks at all aspects of fraud risk, including your business structure and risk, fraud risk culture and framework, customer support and awareness. The team can advise on the latest fraud trends and criminal MOs, and how these might affect you and your customers. They can also advise on the possible impact of legislative and regulatory changes.

On completion of the initial questionnaire, the team will compile a list of recommendations for the business. They can also work with your team to help them understand the changes needed to respond to the recommendations and help develop and implement those recommendations.

How AJC Can Help

AJC can provide you with a team of experienced fraud risk practitioners who specialise in examining and evaluating fraud risk, offering an unbiased view and realistic recommendations proportionate to the level of risk and the appetite of the business.

AJC operates globally from its UK headquarters, with a team of fraud risk experts covering regions including Europe, Africa, the Middle East, Asia, the USA, and Australia and have the capability of engaging in various languages, to best serve our clients. We take pride in our ability to adapt to the unique requirements of each client.

Proven track record.

AJC's Services

AJC’s Fraud Risk Assessment Services
Our Process
Fraud Mitigation Services

AJC’s Fraud Risk Assessment Services

Our team of consultants come with a wealth of practical experience and comprises practitioners and former senior executives from financial institutions and card schemes, public sector and industry bodies. They can adapt their approach to suit the size, type and maturity of each business, ensuring a friendly and hands-on approach to the risk assessment process.

Our Process

AJC Fraud Risk Consultancy Team uses the recognised fraud mitigation principles of a 360 degree approach to fraud control. This methodology assists and guides organisations to identify where they are most vulnerable to the risks of fraud, the threats they face and how they can align their business to prevent and detect fraud. Key features of the process are:

Our team will complete our Fraud Risk Evaluation review which addresses all aspects of fraud risk within your organisation including your business structure and risk, fraud risk culture and framework, customer support and awareness. This can be done remotely or on site, working closely with your team, and will involve the assessment of processes, procedures and documentation, including seeking evidence and demonstrations of how policies and procedures are implemented in practice.
Once the review is complete, the team will prepare a report highlighting identified vulnerabilities in detail with recommendations for mitigation. This includes an Executive Summary of the key findings.
Following acceptance of the report, the team can also assist with developing mitigation activity if required.

Fraud Mitigation Services

AJC Fraud Risk Consultancy team will be pleased to support your own team in developing mitigation activity to address identified vulnerabilities. This might include, but is not limited to:

Developing a fraud risk strategy, fraud risk appetite statement, governance framework, procedures, processes and policies.
Developing a business data framework, key performance indicators, insight reports and dashboards.
Advising on fraud awareness training for employees and/or customers.
Developing strategic and operational roadmaps and Target Operating Model (TOM) to better align the fraud function, its resources, skills and resilience.
Advising on standards to drive rigour and control across the fraud function around governance, efficiencies, accountabilities and behaviours.
Embedding the procedures of incident management response and escalation.

Our services are tailored to each individual business, aimed at delivering outstanding value and the appropriate, proportionate solution.

Download our brochure to find out more

Testimonial

“Using AJC’s significant experience within payments and acquiring gives all payments companies the cutting edge in understanding their risks but more importantly how to manage that risk. AJC’s knowledge of card scheme requirements and guidance in managing this landscape is vital to all payments companies.”

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