Fraud and Corruption Risk Assessments

The need for the service

To effectively fight fraud and corruption, you must know the disease.  This includes the ability to see the symptoms of the disease early, and treat it accordingly. In the fraud and corruption context, effective fraud and corruption risk assessments enable one to do that.

The prevention and deterring of fraud and corruption is no longer discretionary. The formation of global policy making bodies such as Sarbanes – Oxley as well as United Nations’ directives were implemented as a result of the large number of global corporate failures, which were as a consequence of inefficient corporate governance and consequent fraud and corruption.

South Africa is seeing a growing set of pervasive rules where both Public and Private Sector industries are compelled to adapt statute, regulation and governance in relation to setting benchmarks for corporate governance.

These rules apply to all persons involved in business, whether the person is an executive, an external auditor, audit committee member or just an employee.

The message is clear: effective deterrence of fraud & corruption is no longer discretionary. Non-compliance with these rules and regulations carries penalties and presents reputational risks. Effectively managing fraud risks and deterring these is therefore a must.

Scope of our service offering

Nexus Forensics has developed a tried and tested compliance-based Fraud & Corruption Risk Assessment approach that covers fraud and corruption risks on an enterprise-wide basis.

Our approach does not only cover fraud and corruption, but any misconduct in each of our respective clients’ unique regulatory framework.

Our approach comprises of:

  • Identifying of fraud and corruption risks
  • Analyzing of identified risks (categorization and weighting) 
  • Drafting or amendment of dispute resolution mechanisms / procedures  
  • Providing an implementation plan for such solutions, with timelines and responsible persons.

Our compliance-based approach and deliverables we provide are not published on this website, due to intellectual property considerations.  More detail is available to clients on request.

Fraud & Corruption risk auditing

Fraud and Corruption ‘risk’ exposures are often identified as a product of audit activities, post investigative practices or merely just risk exposure areas in the organisation that come to light through day to day control activities. These risk areas often warrant detailed audit and assessment to establish the veracity or not of exposure points or possible incidents of fraud and corruption.

As a critical tool in fraud and corruption deterrence, we provide our clients with this audit and assessment service.

Examples of fraud and corruption audits could include:

  • Lifestyle & probity assessments;
  • Supplier and contractor performance audits;
  • Process workflows assessments;
  • Cost Benefit Analysis.
Please contact us for more information.
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