Crisis Fraud Risk Management
By John Thackeray
A featured article of our July 2020 edition of PRMIA's Intelligent Risk quarterly newsletter
The crisis fraud risk management is born out of a highly volatile atmosphere which can upend and overwhelm even the most structured fraud risk management program. This volatile atmosphere is here with us today and comes in the form of COVID-19. COVID-19 represents the single greatest challenge to fraud risk management (“FRM”) because pandemics and their effects were never identified as a driving force in the escalation of both existing and new types of emerging fraud. Moreover, business continuity plans had an isolated focus on operations rather than people and operations, with much shorter time frames envisaged.
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