Mission Omega’s Fraud Assessment Consulting Service
Fraud: A Dynamic Challenge
Fraud is not a static phenomenon; it constantly evolves, adapts, and infiltrates organizations. As companies grapple with this relentless adversary, they require more than reactive measures—they need a strategic game plan. This is where Mission Omega steps in.
To effectively manage fraud, a methodical approach is essential:
Risk Exposure Assessment: Companies must first understand the inherent risks they face based on their industry and business model. Identifying these risks is crucial.
Control Assessment: Once risks are identified, evaluating existing controls becomes critical. Companies must assess how well their controls mitigate risks and identify control gaps.
Gap Closure Roadmap: Implementing or improving controls should be deliberate. Prioritize the most critical controls to address vulnerabilities effectively.
By following this approach, organizations can stay ahead in the ever-changing fraud management landscape.
Omega Offers a Phased Approach with Clients
Phase 1: Risk Exposure Assessment
Goal: Unlock Insights & Mitigate Risks
In this foundational phase, we identify your institutions macro level fraud risk profile. Our process includes:
Questionnaire Analysis: We meticulously analyze your responses to Part 1 of our Fraud Assessment Questionnaire.
Expert Guidance: Our seasoned Subject Matter Experts (SMEs) with 5 to 10 years of fraud practitioner experience, guide you through the assessment.
Risk Exposures Report: Receive a customized report highlighting your main fraud risk exposures.
Client Debrief: We provide the macro level fraud risk report and set the stage for the next phase.
Benefit: Gain clarity on vulnerabilities and prioritize risk mitigation.
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Phase 2: Controls Assessment
Goal: Identify control gaps
In Phase 2, we align your existing controls with the identified fraud risks from Phase 1.
Here’s how we do it:
Control Assessment: Our experts cross-reference your current controls (prevention, detection, and resolution) that you provide us against risk exposures.
Gap Identification: We pinpoint gaps and vulnerabilities.
Collaboration: We engage with you to share results and address questions.
Control Gap Report: Receive a detailed report outlining control gaps and areas for improvement.
Review Session: We discuss findings and recommendations.
Benefit: Strengthen your defenses and close control gaps effectively.
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Phase 3: Gap Closure Roadmap
Goal: Chart Your Course & Optimize Your Fraud Program
In the final phase, we focus on discovering the institutions known issues and priorities, combined with the comprehensive control gap opportunities from Phase 2, including:
Organization, Governance, Prevention, Detection, Resolution, Analytics, and Reporting
Client Support: We assist with questionnaire-related queries.
Scoring and Prioritization: Our consultants (with over 20 years of fraud expertise) score the questionnaire and create a prioritized roadmap.
Roadmap Presentation: We present actionable steps for enhancing your fraud program including prescriptive areas that Mission Omega could continue to assist your institution
Benefit: A clear roadmap to fortify your FI’s defenses and stay ahead of evolving threats.
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Why Choose Mission Omega?
Expertise: Our seasoned consultants bring decades of fraud practitioner experience.
Standardized triaje with the opportunity for Tailored Solutions: No one-size-fits-all but we have standardized some of the most costly research to allow for the opportunity to customize our approach to fit your unique challenges in the most deliberate and cost effective method.
Strategic Insights: We don’t just identify gaps; we provide actionable roadmaps for improvement and further prescriptive area where our consultants can provide execution support.