Fraud and corruption cases have a direct impact on profit and cost. They also influence your brand value and your customer and employee loyalty. A partnership with DNV strengthens your resistance to fraud.
A fraud and corruption resistance assessment is a valuable tool for communicating your ability to manage opportunities and risks internally. Through our assessment, DNV can locate opportunities for improvement, and help you turn them into strategic, organisational and operational advantages.
Understanding and managing the risks that could threaten your business makes it possible to reduce the interruptions that detection and investigations represent. Consequently you are able to better balance risk adversity and conscious risk taking.
The generated profile after we have done our assessment provides a snapshot of how resistant your organisation is to the effects and impact of fraud and corruption – for example on profitability, long-term value, reputation, and internal culture. It also provides a benchmark against widely accepted conventions, principles, and guidelines in the field of preventing fraud and corruption.
The profile is an independent third-party validation of your ability to manage risk related to fraud and corruption. Companies that perform well will additionally benefit from communicating this to external stakeholders like investors, regulators, and others.
A fraud and corruption resistance assessment analyses your company's risk profile and measures 12 elements that your organisation most likely has in place to reduce your risk of fraud and corruption.
Building effective resistance to fraud and corruption requires teamwork across core functions of a company. Involved parties include the CEO, financial department, legal department,
human resources, internal audit and security, and corporate communications, each with a distinct role and responsibility.
1. Tone at the top
2. Risk Assessment
3. Risk Treatment
4. Implementations of controls
5. Training and awareness programmes
6. Risk Follow up
7. Internal Audit Processes
8. Monitoring of the Executive Board
9. Monitoring and detection
10. Management of incidents
11. Learning from events
12. Results and reviews of action
Instead of introducing new requirements, our assessment is built on the following framework:
UN global compact principle on anti-corruption
Business approaches to combating corrupt practices
Transparency International’s business principles for countering bribery
COSO internal control framework
Sarbanes-Oxley Act of 2002, section 404
U.S. Foreign Corrupt Practices Act
Even if not necessarily legally binding for your organisation, these conventions, principles, and guidelines constitute a widely accepted framework for preventing fraud and corruption.
Here you can learn more about the assessment process.