Project Description

What is the Online Fraud Risk Assessment Tool?

The Online Fraud Risk Assessment Tool is the world’s first software-as-a-service (SaaS) cloud-based fraud risk assessment tool that helps organisations to identifymitigate and manage fraud risks across the following dimensions and over 550 different risk factors:

The core fraud risk dimensions featured in the tool include:

  • Internal control framework – company structure, operational functions, nature of business activity, commitment to combating fraudulent activity, fraud risk management policies and procedures, fraud training, fraud risk assessment, communications, assurance and independent review
  • Employee, management, key risk roles and board oversight – pre and post employment screening, senior management and board engagement, recruitment and encouraging staff behaviours, key risk roles, fraud policies and conflicts of interest
  • Internal fraud – payroll expenses and accounting fraud, purchasing and billing schemes, physical controls to deter employee theft, cash fraud and theft, cash skimming schemes, cash register schemes, theft of intellectual property, insider dealing, market manipulation and chinese walls 
  • External fraud – cash fraud, cheque fraud (including bank cheques, personal cheques and travellers cheques), ATM/Cash machine fraud, credit card skimming fraud, mortgage fraud, ponzi schemes, pyramid schemes, scams and deceptions, phishing, spoofing, spyware, malware and click fraud, counterfeit money and commercial paper, counterfeit documents and counterfeit products, appointment of agents, third parties and joint venture partners
  • Country / Territory / Jurisdictions – assessment of the fraud risks associated with dealing with counterparties in different countries and territories.

Risk assessments can be completed across all dimensions or can be limited to a single dimension only. After the risk assessment has been completed a PDF report is generated with an inherent and residual risk matrix, plotting the risk concentration across all risk factors.  The PDF report also contains a model assessment view outlining the actual score vs. maximum score and detailed user responses, which is stored as documentary evidence for independent audit purposes.

The Online Fraud Risk Assessment Tool tailors questions specific to over 30 different industry sectors. It is fully customisable – questions, dimensions, scores and weightings can be added, modified or removed on individual or grouped basis.

The product also contains a pre-configured country risk assessment, which has an overall country risk score assigned against 260 countries and territories, derived from over 25 reliable and independent sources and is a summarised version of another of our product offerings –

To access the tool you will need to subscribe to this service which starts from just USD$1,999 for an annual license. You can purchase additional user licenses and consulting services to support you in using the tool.

If you would like a free limited functionality, limited time trial version of the product please send us an email.

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To view our product overview please click on the PDF image below or to view a sample of the Fraud Risk Assessment Report output click the report icon.