Risk management is not just about compliance: it’s also about reducing costs and, more and more, is becoming a function of adding value to an organization. But many business executives lack the resources and skills to implement enterprise fraud and misuse management (EFM) in their organization, despite the competitive advantage that a fraud risk management program can provide, according to a new Deloitte survey.
EFM involves the use of analytical technology and services to address fraud at a company-wide level. The survey reveals that nearly one-half of executive respondents (47 percent) are adopting or evaluating an enterprise view of fraud management. However, executives also believe their organization could enhance their ability to prevent or detect fraud through improvement in internal controls (28 percent), fraud awareness training (25 percent) and anti-fraud technology (22 percent).