With the world-wide increase in fraud and the resulting focus on corporate governance and risk management, there has been a growing demand for skilled assistance in areas of risk assessment and management, fraud prevention, fraud investigation and fraud review.
VIP’s Risk Management consulting can assist you in managing these areas through the following services:
Risk and Process assessments
A Risk and Process assessment is an evaluation of a company’s payroll to identify possible risks in the payroll processes. Based on the result, recommendations to manage and lower these risks are then made. The following are some of the items covered in such an assessment:
- Segregation of duties.
- System access.
- Processes and procedures followed in the payroll office.
- Aligning of payroll processes and procedures with the complexity of the business.
The Risk and Process Assessment investigates the resources, software and output of the payroll. The findings and recommendations are then documented and discussed with the client for implementation by a VIP consultant.
Risk Management Group Consultations
The Risk Management Group Consultations aim to empower the management of VIP users to effectively check and reconcile their payrolls. This will enable them to manage the risks that may exist and achieve peace-of-mind around the access to and changes made to their payrolls. Payroll, financial and HR managers should all attend such a group consultation. In-depth knowledge of VIP’s products is not required.
The Group Consultations take the format of one full-day session at VIP’s offices from 09:00 - 16:00. Each client works on their own VIP system and group sizes are limited to between three and six clients per session. With assistance from a Risk Management consultant, each client will work through a consultation pack covering the following in detail:
- System access control.
- System audit trail.
- Payroll checking and reconciliation procedures following a generic processing checklist using VIP standard system reports and exports.
Forensic Review
A Forensic Review is performed at a company where it appears that payroll fraud has been committed.
A Forensic Review investigates the apparent fraudulent activity relating to:
- How did these actions take place?
- Who was/were involved?
- The total monetary value involved.
The findings of the Forensic Review are documented with a detailed description of the steps followed in the review process and of the review’s findings. The monetary findings are detailed in Excel documents. These findings may then be used in legal or internal procedures.
