Counter Fraud Principles
Published on 29 November 2023
CFS aligns to the five internationally recognised counter fraud principles.
There is always going to be fraud
It is a fact that some individuals will look to make gains where there is opportunity, and organisations need robust processes in place to prevent, detect and respond to fraud and corruption.
Finding fraud is a good thing
If you do not find fraud you cannot fight it. This requires a change in perspective, so the identification of fraud is viewed as a positive and proactive achievement.
There is no one solution
Addressing fraud needs a holistic response incorporating detection, prevention, enforcement, and redress, underpinned by a strong understanding of risk. It also requires cooperation between organisation under a spirit of collaboration.
Fraud and corruption are ever changing
Fraud, and counter fraud practices, evolve very quickly and organisations must be agile and change their approach to deal with these evolutions.
Prevention is the most effective way to address fraud and corruption
Preventing fraud through effective counter fraud practices reduces the loss and reputational damage. It also requires less resources than an approach focused on detection and recovery.