What does a senior fraud consultant do?

1 Conduct fraud risk assessments

One of the first steps in any fraud prevention or detection project is to assess the level and nature of fraud risk in the client's environment. A senior fraud consultant can use various tools and techniques to identify and analyze the potential sources, causes, and impacts of fraud. These may include interviews, surveys, document reviews, data analysis, or benchmarking. Based on the findings, the senior fraud consultant can provide recommendations and action plans to mitigate the fraud risk and enhance the internal controls.

2 Perform fraud investigations

Sometimes, despite the best efforts, fraud may still occur or be suspected. In such cases, a senior fraud consultant can conduct a thorough and objective investigation to determine the facts and evidence of the fraud. This may involve interviewing witnesses, suspects, or whistleblowers, collecting and analyzing relevant documents or data, tracing funds or assets, or using forensic techniques. The senior fraud consultant can also prepare and present reports or testimonies that summarize the findings and conclusions of the investigation.

3 Develop fraud awareness and training programs

Another important aspect of fraud prevention and detection is to raise the awareness and knowledge of the client's staff, management, or stakeholders about fraud. A senior fraud consultant can design and deliver customized fraud awareness and training programs that cover topics such as fraud definitions, types, indicators, impacts, policies, procedures, or reporting mechanisms. The goal is to educate and empower the client's personnel to recognize and report fraud, as well as to foster a culture of integrity and accountability.

4 Implement fraud detection and monitoring systems

To enhance the efficiency and effectiveness of fraud prevention and detection, a senior fraud consultant can also help the client implement fraud detection and monitoring systems. These are software applications or tools that can automatically scan, analyze, or flag transactions, activities, or data that may indicate fraud. A senior fraud consultant can assist the client in selecting, configuring, testing, or deploying the appropriate fraud detection and monitoring systems for their needs and objectives.

5 Provide fraud advisory and support services

Finally, a senior fraud consultant can also provide ongoing or ad hoc fraud advisory and support services to the client. These may include updating or reviewing the client's fraud policies, procedures, or systems, providing advice or guidance on fraud-related issues or questions, or assisting the client in resolving or recovering from fraud incidents. A senior fraud consultant can also help the client liaise with external parties, such as auditors, regulators, law enforcement, or insurers, regarding fraud matters.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?