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5. The likelihood of identified fraud risks is based on all but which of these factors?...

5. The likelihood of identified fraud risks is based on all but which of these factors?
A. Prevalence of similar risks in the industry.
B. The number of people involved in the transaction or area.
C. Whether there is data about complaints of errors.
D. Underperforming areas.

6. What is a heat map and how does it help the organization address fraud risk?
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Answer #1

5. The correct answer is A because if we consider option B, if limited people are involved in a transaction or area, likelihood of fraud risk will be higher. Considering option C, data about complaints or errors is the first step towards identification of fraud risk. Considering option D, the reason for a particular area being under performing can be instances of fraud. Hence, the likelihood of identified fraud risks is based on all but 'Prevalence of similar risks in the industry"

6. Heat map: It is a graphical representation of data that uses a system of color coding to represent different values.

A heat map, being a visualization tool, can be used to define and quickly communicate fraud risks. It can help reduce complexities and convert the information to be presented in a easily understandable manner through the help of visualization. It can help focus management attention on the most important threats and lay the groundwork for risk responses

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