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Performing a risk audit following several fraud attempts

Finance

Audit / Consulting - INQUEST carries out an audit of a social landlord victim of a series of fraud attempts.

Context

Several fraud attempts were made against a service company specializing in the construction of social housing, sales and rental management, one of which was proven. 

 The company is questioning the flaws at the origin of these frauds and the areas to be monitored to limit the risk. Two consultants specialized in fraud risk are therefore seconded by INQUEST in order to: 

  •  Carry out a fraud risk audit on the processes deemed to be the most at risk in terms of activity and the evolution of fraudulent mechanisms.  
  •  Identify the main weaknesses before issuing recommendations for improvement.

INQUEST’s know-how

Because of their flexibility and complementarity, INQUEST consultants offer organizations their in-depth knowledge in a multitude of business sectors. 

Years of experience in risk management have enabled them to accumulate a wide range of skills, coupled with an exhaustive information base. All INQUEST consultants can draw on to identify and audit the risks associated with any type of product or service. 

 

INQUEST intervenes at the same time: 

  • Before the risks occur, in order to identify them and to design a preventive action plan allowing a better control of the risk. 
  • After the occurrence of a risk, to implement corrective measures. 

 

In each case, INQUEST consultants use advanced diagnostic tools, exploiting all the richness of their knowledge base in terms of risk audit.  

With INQUEST, organizations benefit from the expertise needed to identify sensitive areas, measure the impact of risks and implement concrete actions to limit them.

Fraud risk auditing

To identify processes at risk and make concrete recommendations for improvement, INQUEST consultants follow a rigorous methodology. The audit is carried out in three main steps: 

  1. Preparation and preliminary analysis 

 This first phase includes a preparatory telephone interview with the key contacts, but also an analysis of the existing situation: fraud risk mapping, audit reports, procedure sheets, etc. A date for on-site intervention is then planned. 

  1. On-site audit 

During this field phase, INQUEST experts identify the processes at risk and the sensitive areas. They also determine the key controls, whether they already exist or have yet to be defined. A “design” and “operational” performance test is also set up. 

  1. Reporting and awareness raising 

INQUEST consultants deliver their deliverable to the company, giving back their analyses and recommendations. The employees are also made aware of the risks, about the identified vulnerabilities.