Developing an effective fraud risk management approach includes four (4) steps: risk assessment, design/development of controls,...

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Developing an effective fraud risk management approach includes four (4) steps: risk assessment, design/development of controls,...

Developing an effective fraud risk management approach includes four (4) steps: risk assessment, design/development of controls, implementation of those controls, and evaluation of the effectiveness of those controls.

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Answer 1

Answer #1

The statement is TRUE

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There are different ways in which steps for effective fraud risk management are described. However on a broader level, developing an effective fraud risk management approach includes

risk assessment
design/development of controls
implementation of those controls
evaluation of the effectiveness of those controls.

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Developing an effective fraud risk management approach includes four (4) steps: risk assessment, design/development of controls,...

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