Fraud

Check and Demonstrate Your Firm's Compliance Against Each Fraud Management Requirement:

  • Incident Logging Precision: Confirm detailed recording of fraud discovery dates and event descriptions, with guidance explaining why timely documentation facilitates root cause analysis, accelerates regulatory notifications, and strengthens audit trails.

  • Reporting Individual Verification: Verify capture of reporter details like name, job title, department, and contact info, including rationale on why this ensures accountability, enables follow-up inquiries, and aligns with governance standards for transparent oversight.

  • Fraud Type Classification: Document categorisation as internal or external fraud, highlighting why accurate typing guides tailored responses, informs risk assessments, and complies with FCA's SUP 15 reporting rules.

  • Detection Method Documentation: Record how the fraud was uncovered, with insights on why this identifies control weaknesses, enhances prevention strategies, and demonstrates proactive monitoring to regulators.

  • Event Location and Timeline Assurance: Confirm logging of incident locations and dates, explaining why contextual details support investigations, pattern recognition, and timely escalations to authorities like Action Fraud.

  • Action Taken Tracking: Verify documentation of immediate and remedial steps, underscoring why this proves effective mitigation, reduces recurrence risks, and evidences compliance with SYSC obligations.

  • Parties Involved Identification: Document perpetrator and victim info, including rationale on why comprehensive profiling aids legal pursuits, insurance claims, and internal disciplinary processes.

  • Financial Impact Assessment: Record monetary losses and recoveries, with guidance on why quantifying impacts informs capital reserves, supports FCA thresholds for material events, and drives cost-benefit analyses for controls.

  • Investigation Details Confirmation: Verify logging of probe outcomes and evidence, highlighting why structured records ensure thoroughness, facilitate external referrals, and uphold best practices for fraud governance.

Firms leveraging RegTechPRO achieve up to 40% faster fraud documentation, gain strategic insights into regulatory expectations, and convert incident response from reactive to resilient.