Fraud Risk Assessment is a systematic method by which frauds are reduced in an organization. Frauds can only be reduced if there is a process where the fraud is detected at an early stage. Once the fraud is detected, measures have to be taken in order to mitigate the fraud. This is known as Fraud Risk Management. Detection of fraud is important for an organization. If there is a protocol for detecting such fraud, then an organization can effectively tackle its way during a crisis. Hence it is important to have such a framework related to fraud risk management.
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