Traditionally, the practice of risk management comprises acceptance, transference, elimination, control, sharing, insurance and avoidance of a diverse array of risks. Risk management and internal control business models have subsequently been devised whic

This document outlines the essentials of developing a fraud risk management program, emphasizing the necessity for organizations to recognize their exposure to fraud and assign responsibility accordingly. It suggests an integrated strategy that includes a fraud policy, ethics policy, and educational programs while establishing operational controls and monitoring compliance. Key objectives of the fraud management approach include prevention, deterrence, disruption, identification, and the possibility of legal action.