This is an example risk assessment covering the main fraud and financial crime risks and the controls that manage them. It makes preparing your own much easier than starting from a blank page.
This example risk assessment has been prepared using the
F-Q36 General Risk Assessment form template - a purpose-built template designed to focus entirely on what matters: identifying business risks, assessing their likelihood and impact, and recording the controls that manage them, without any unnecessary fields getting in the way.
The file is supplied in fully editable MS Word format and can be easily customised and saved to Google Docs format if required. The document uses pre-defined style formatting throughout with styles to match the risk-ratings which are input using select boxes pre-populated with all possible risk ratings. All text is in Calibri font for improved readability.
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- Form number and title
- Information-classification
- Version
- Page number / total pages
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Fraud and Financial Crime Business Risk Assessment
This fully completed fraud and financial crime business risk assessment example has been prepared by experienced ISO management system consultants. It covers the risks of fraud and financial crime, whether committed by staff, third parties or external criminals, including internal fraud, payment and invoice fraud, external scams, cyber-enabled fraud and money laundering. It can be used as a starting point when developing your own business risk assessment documentation.
What Does This Fraud and Financial Crime Business Risk Assessment Cover?
This risk assessment identifies the key fraud and financial crime risks an organisation faces, including:
- Internal fraud and misappropriation
- Payment and mandate fraud
- Invoice and procurement fraud
- Expenses and payroll fraud
- External fraud and scams
- Cyber-enabled fraud
- Money laundering
- False accounting and misreporting
- Detection, reporting and whistleblowing
A residual risk rating is then assigned to each risk, demonstrating how effective controls - such as segregation of duties, payment verification and dual authorisation, supplier and bank-detail checks, monitoring and a clear whistleblowing route - reduce the overall risk to a tolerable level.
A Professional Easy-to-Use Risk Assessment Template
This document uses colour-coded header styles matched to risk ratings, making it quick to read and easy to communicate during team briefings and staff training. A built-in risk rating matrix supports consistent evaluation of likelihood and consequence, and clear risk symbols help communicate each risk at a glance. An inherent and a residual rating are recorded for every risk, so the effect of your controls is easy to demonstrate.
Risk, Control and Prohibition Symbols
Each row in the assessment is tagged with a small symbol so the type of risk, the control that manages it and any prohibition are clear at a glance. The same icon set runs across every alphaZ business risk assessment, which keeps a finished document quick to read and easy to compare. You can read more about them in our blog post on the alphaZ business risk icons.
Who Is This Fraud and Financial Crime Business Risk Assessment Template Suitable For?
This template is suitable for organisations of any size that want to assess and document their exposure to fraud and financial crime. It is useful when implementing or maintaining financial-crime controls and good governance, and when supporting the risks and opportunities requirements (clause 6.1) of ISO management system standards. Directors, finance leads and management system managers can all use it as a practical, ready-made starting point.