Fraud Control Management Systems
Benefits
The purpose of the system is to establish an organizational framework that reduces the risk of fraud and, in the event it occurs, ensures that it is detected as early as possible and resolved as effectively as possible—including adjustments to preventive mechanisms.
This also demonstrates to your stakeholders that you take this area seriously and have it properly addressed.
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Compliance with legal regulations
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Reduction of fraud risk
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Reduction of financial losses
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Shortening the time needed to investigate incidents
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Establishing rules/processes so that everyone knows how to behave and act when encountering fraud
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Enhancing the company’s credibility and creditworthiness
The entire standard guides you step by step and includes numerous practical examples from companies operating in international environments. The annexes of the ISO 37003 standard also outline various types of fraud that organizations may encounter both internally and externally—most importantly, they provide guidance on how to prevent them.
The three key pillars are:
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Prevention
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Detection
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Response
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What do ESG and ISO 37003 have in common?
Both approaches reflect companies’ interest in adhering to high ethical standards and transparency in their operations. Companies that follow the principles of ESG and ISO 37003 can enhance their reputation, reduce risks, and improve their competitiveness in the market.
ISO 37003 and ESG both demonstrate a commitment to upholding strong ethical standards and transparency. Within the “G” (Governance) factor, ISO 37003 can serve as evidence that an organization is doing its utmost by implementing effective anti-fraud measures at all levels.
Another ESG aspect that ISO 37003 can influence is the “S” (Social) factor, since corruption impacts the people and organizations your company interacts with.