All organizations are vulnerable to fraud. The key to managing risks and minimizing losses is to have safeguards in place that prevent, detect, and deter bad acts. This is the function of effectively designed internal controls. While it may not be possible to prevent all instances of fraud, effective loss mitigation comes through early detection. MD Advisory’s fraud prevention, detection, and deterrence services provide business owners the peace of mind necessary to focus on growing their business, knowing that their financial systems and processes are growing with them.
An Assessment Centered Around How Criminals Think
The first step is an assessment of the existing financial infrastructure including processes, procedures, and internal control activities. We apply a “think like a fraudster” mentality while dissecting the organization’s environment, working with our clients to understand and triage the most vulnerable parts of their business operations. From there, we develop solutions to manage the risk in accordance with your organizational priorities. We conduct or provide oversight through each step of implementation, ensuring the confidentiality and ultimate security of the internal controls designed are not compromised in the process.
We Develop Controls to Address Infrastructure Gaps and Minimize Risks
Each situation is unique, and some companies may be limited in the resources necessary to support certain controls such as the segregation of duties. In these instances, we help develop compensatory controls to account for infrastructure gaps and can serve the company in an ongoing monitoring role. No matter the size of your business, we can design and implement safeguards to suit your needs. By establishing a sound financial environment, we help business owners from New York to California sleep at night knowing their assets and organizational value are protected.
The ACFE Estimates that Approximately 1/3 of Frauds are Due to a Lack of Internal Controls.
All Companies Have Risk, Learn How Effective Your Internal Controls Really Are
Is your financial infrastructure growing with your business or are unintended vulnerabilities exposed? We help our clients assess and mitigate risk through:
Fraud Risk Assessments
Internal Control Design and Implementation
Root Cause Analysis
Fraud Response Plans
Ethical Program Development & Training
Fraud Education Services
The Tools You Need to Prevent Fraud
Fraud can be expensive. With prevention at the heart of your risk management goals, proper processes and procedures, a sound internal control environment, and ongoing assessments and reviews will allow your financial infrastructure to grow with your business rather than becoming a source of loss. By employing techniques and experience to think like a fraudster, we will uncover areas of exposure in your business and work to develop safeguards to protect your organization’s value.
Enact the Right Internal Controls to Catch Fraud and Errors
As your organization grows, it becomes increasingly difficult to completely irradicate all opportunity for fraud. Fraud risk management involves a delicate balancing act of prevention and detection measures, designed in accordance with your company’s level of risk and risk appetite. Let us help you enact controls to catch the things that fall through the cracks and design an appropriate response plan for handling these occurrences.
Acknowledge Your Risk for Fraud. Assess and Enhance Your Control Procedures
Fraud deterrence starts at the top of an organization with culture and governance. By helping our clients acknowledge fraud risk, maintain a presence of internal controls, and promote a fraud awareness culture, we arm them with powerful deterrence measures. We also get under the organizational hood to bolster their company’s anti-fraud culture and environment with fraud and ethics trainings.
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