Prevention is the first pillar of the Holistic Framework for Fraud Risk Management and serves as the fundamental basis for preventing fraud and other forms of financial crime. This pillar focuses on developing and implementing robust measures and strategies to anticipate fraud by identifying and addressing potential risks and weaknesses within the organization. Effective prevention requires a proactive approach where businesses not only strengthen their internal control systems but also promote a culture of integrity and compliance. Creating an environment where employees are aware of…
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