Ultimate Collection of Fraud Risk Assessment Templates

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What is a Fraud Risk Assessment?

Fraud Risk Assessment is a tool used by risk managers to proactively identify business vulnerability to fraud. Fraud risk assessments help prevent fraud that can take place in the form of corruption, asset misappropriation, theft of intellectual property, etc.

The Association of Certified Fraud Examiners reported that small businesses lose twice as much due to fraud compared to big businesses. This is mainly because small businesses have a more trusting environment and less internal controls to mitigate fraud risk.

Benefits of Performing Fraud Risk Assessments

Conducting fraud risk assessments help organizations:

  1. Improve communication within teams;
  2. Identify which business processes are most vulnerable to fraud;
  3. Find out which individuals may expose the organization to fraud risks;
  4. Examine existing internal controls; and
  5. Develop plans and techniques to mitigate fraud risks.

Tips on Fraud Risk Assessment

Here are some tips for conducting an effective fraud risk assessment:

#1 Build a team - create a team who will plan and set the goals for conducting the risk assessment

#2 Identify - know what fraud risks your business may be exposed to

#3 Assess - what will be the risk’s impact on the business? What needs to be done? What’s the cost of in/action?

#4 Communicate - disseminate a report of your findings along with the fraud policy to the whole organization and other parties concerned

#5 Implement - take action to address the fraud and put in place updated controls to mitigate fraud risks

#6 Monitor - continuously monitor your organization through regular random audits, improve processes to control fraud risks, and communicate your findings

Using Digital Fraud Risk Assessment Templates

Paper-based fraud risk assessment templates are tedious and time-consuming for inspectors to complete. Data needs to be collected from multiple sources, sorted, and manually analyzed in order to determine the correct plan of action.

iAuditor, the world’s #1 auditing tool, can help conduct effective fraud risk assessments. Upgrade your assessment workflows by incorporating digital auditing into your process. Develop better reporting mechanisms and receive real-time results of anti-fraud controls. Observe how your business is reducing fraud risks using an online dashboard.

Get started by downloading these pre-built fraud risk assessment templates. All templates are 100% customizable - no programming skills required - so you can fit them to your business needs.

Top 3 Digital Fraud Risk Assessment Templates

1. General Fraud Risk Assessment Template

The most cost-effective way to prevent fraud losses is to conduct regular audits. Use this general fraud risk assessment template to evaluate the organization’s vulnerability to any threat or fraud risk. This checklist contains 38 essential questions which are designed to test the effectiveness of their fraud prevention measures. Inspect if there is ongoing anti-fraud training provided to all employees. Check if fraud reporting mechanisms are in place and if open-door policies are implemented to help employees speak freely about pressures and other fraud risk factors. Lastly, provide recommendations and complete the assessment by affixing an electronic signature.

2. Fraud Risk Factors Checklist

This checklist is laser-focused on evaluating factors that may put the business into a high risk of fraud. It is divided into 2 parts: (1) assessment of risks from misstatements arising from fraudulent financial reporting and (2) misappropriation of assets. The first part tackles threats to financial stability or profitability by economic, industry, or entity operating conditions, and excessive pressure from management to meet the requirements of third parties. The second part highlights the assessment of any adverse relationships between the entity and employees with access to cash or other assets susceptible to theft that may motivate those employees to misappropriate those assets.

3. Fraud Risk Assessment Checklist

Use this checklist to monitor the effectiveness of anti-fraud processes controls in place, and if the culture of honesty and ethics are being practiced by employees. The end goal of performing this assessment is to create a positive workplace environment free from fraudulent acts or any form of misconduct.

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  1. Create a free iAuditor account to get started
  2. Download a template above and modify it for your workplace or browse other checklist topics
  3. Install the iAuditor app on your mobile or tablet and perform an inspection
  4. Take photos, create actions and generate reports on your device
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