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Fraud Risk Management in the Philippines: The Need for a Proactive Approach

In today’s digital era, fraud risk management has become a top priority for organizations in the Philippines. According to a recent survey by Ernst and Young, 42% of companies in the Asia-Pacific region still engage in unethical practices such as giving gifts and providing entertainment to win or retain business.

The Importance of a Three-Line Defense System

The Institute of Internal Auditors (IIA) Philippines recently held its first roundtable discussion on fraud risk management, emphasizing the importance of having a robust three-line defense system in place. This approach involves:

  • Empowering operational managers to act as the first line of defense
  • Designing controls for effective fraud prevention
  • Allowing internal auditors to take on a more strategic role

“Fraud risk management is not just about detection, but also about prevention,” said [Name], President of IIA Philippines. “It requires a proactive approach that involves all levels of an organization, from the C-suite to front-line employees.”

The Role of Technology in Fraud Risk Management

To achieve this, organizations need to adopt modern technology that can help them identify and mitigate risks more effectively. According to a recent survey by ACL, 42% of finance, audit, risk, and compliance professionals cited that putting their work into a context that speaks to executives is the largest obstacle they face today.

“The right technology can make information sharing and collaboration between audit, risk management, compliance, and business interests easier,” said [Name], Regional Marketing Manager at ACL. “It’s essential for organizations to adopt intuitive and user-friendly solutions that enable them to make data-driven decisions.”

The Need for a Proactive Approach

The IIA Philippines is urging organizations in the country to take a more proactive approach to fraud risk management, recognizing that it requires a coordinated effort from all stakeholders.

“Fraud risk management is not just a compliance issue, but also a business issue,” said [Name], President of IIA Philippines. “It’s essential for organizations to prioritize it and integrate it into their overall risk management strategy.”

For more information on fraud risk management in the Philippines, please contact: