What is Counter Fraud Management Software?
Fraud is a material challenge facing the public sector and private organisations, and individuals alike. Impacts extend beyond financial costs, causing damage to reputation and staff morale too.
Organisations face a risk of fraud from both internal elements, such as people within the company, as well as external players like customers, criminals, and unknown parties.
In a recent Global Economic Crime and Fraud survey, PwC found that 46% of organisations surveyed had experienced ‘some form of fraud or other economic crime’ in the last 24 months. The NHS alone, estimates it is vulnerable to over £1.1 billion worth of fraud each year.
Fortunately, there are simple software tools that can make a material impact on the prevalence of fraud. CoreStream’s Counter Fraud software includes:
- Fraud Risk Management Surveys: Structured surveys to collect information from around your organisation about the maturity of your fraud controls. Running successive surveys allows trend analysis to assess your direction of travel.
- Action Plans: The ability to link action plans to your survey findings to ensure you are on a path of continual improvement. CoreStream action tracking removes the administrative burden from action management and provides real time information on the status of the action plans.
- Counter-Fraud training: CoreStream has built-in online training capabilities to help communicate fraud awareness techniques and prevention policies to staff. Training can be targeted towards specific cohorts with completion levels tracked. Training is available ‘out of the box’ or fully customisable.
- Fraud Case Management: When cases of fraud happen, CoreStream’s fraud case management tool helps to organise your response with a comprehensive workflow process.
- Whistleblowing: providing a discrete area for staff to flag potential fraud concerns.
What are the benefits of Counter Fraud Management Software?
By getting the basics right, you can start to foster an anti-fraud culture immediately.
Your fraud programme and the tools supporting it should be focussed on the prevention of fraud in the first place, and an ability to respond to and contain fraud when it happens.
Fraud prevention is driven by features such as training, but also on the systematic review of your internal controls, working out where fraud could take place and taking measures to spot it before it happens. This directly drives financial benefits through reduced incidences of fraud cases.
Responding to fraud in a structured way also carries several benefits:
- Formal remediation plans ensure fraud of the same types do not happen repeatedly. You learn from each case and shut down avenues of opportunity for bad actors.
- An effective and immediate response to a fraud case could in some cases limit the financial impact of the case and lead to a higher degree of successful insurance claims.
What are the risks of not having Counter Fraud Management Software?
Organisations face a risk of fraud from both internal elements, such as people within the company, as well as external players like customers, criminals, and unknown parties.
If you have not given thought to the variety of threat actors, their methods, and process weaknesses them you are vulnerable to significant impacts. Many fraud cases become headline news, causing significant financial and reputational damage.
Why CoreStream?
CoreStream’s intuitive and flexible solution includes all the key features to help you implement and embed an effective counter fraud culture. The solution comes pre-configured but can also be adjusted through no-code configuration to meet your exact requirements based on your operating model and approach to counter fraud. Key features include:
- Configurable risk management surveys.
- Action management for both proactive improvements and recovery actions following an incident.
- Integrated on-line training capability.
- Fraud incident management workflow.
- Whistleblowing portal.
- Real time reporting dashboards.
- Fully branded.
- Accessible from all sizes of device, including smartphones.
- Seamless and secure single sign on.
