Enterprise-wide FRM Framework to Identify and Mitigate Frauds
Deloitte India’s fourth edition of the India Corporate Fraud Perception Survey aims at understanding the leadership perceptions around corporate fraud in the disruptive environment. According to the Corporate Fraud Survey India 2020 , organisations must invest in an enterprise-wide fraud risk management framework and use enhanced tools with a scalable and customised interface. Mitigation of frauds in India has been undertaken by organisations through surprise audits and checks on random samples. As data is now stored in IT systems, Indian organisations are moving towards a framework that uses technology to detect and mitigate fraud at earlier stages. Organisations must adopt advanced technologies for data visualization, statistical mining, text mining, and voice searching concepts to achieve a successful FRM framework. To run rule- and AI-based analytics to detect any discrepancies in transaction monitoring, organisations require an interface that integrates data from all complex syst