Fraud risk assessment for a leading mobile tower company
Fraud prevention | read time: 2 min
A leading independent mobile tower company wanted to prepare for the UK’s Economic Crime and Corporate Transparency Act (ECCTA) by developing a clear understanding of its exposure to fraud risk and the controls needed to prevent fraud.
Committed to acting with integrity and upholding the ethical standards set out in its code of conduct, the company wanted to ensure that its approach to fraud prevention reflected its responsibilities to stakeholders and supported long-term business relationships.
GoodCorporation was asked to assess the company’s exposure to inward and outward fraud risks, identify where these risks lay and evaluate the strength of the controls in place. The aim was to provide a clear, proportionate basis for strengthening fraud prevention measures and developing a prioritised action plan.
Our approach
GoodCorporation worked with the company’s compliance team and senior leaders across a range of business functions to assess fraud risks consistently across the group and its different markets.
The assessment involved:
- Identifying fraud risks: establishing a comprehensive list of inward and outward fraud risks relevant to the business, including risks associated with the types of activity covered by ECCTA’s failure-to-prevent-fraud offence.
- Assessing likelihood and controls: running workshops with senior representatives from relevant business functions to evaluate the likelihood of each risk occurring and the strength of existing preventive controls. Each risk was scored to support a structured assessment.
- Calibrating and validating scores: working with the compliance team after the workshops to ensure consistent scoring across markets and assessing the potential impact of each risk to support a proportionate view of the overall exposure.
- Board report: presenting average likelihood and impact scores for outward fraud risks to the board and producing two outward fraud risk maps: one for the group and another showing average scores across the different markets.
Client outcomes
The assessment provided the company with a structured view of its outward fraud exposure, highlighting the risks requiring attention and providing a basis for reviewing the controls designed to prevent them.
The risk maps give the company a group-wide view of fraud risk alongside an assessment of how risks compare across its markets. These provide a practical starting point for identifying where existing controls may need to be strengthened and directing prevention efforts towards the areas of greatest concern.
The assessment also established an approach to keeping fraud risk under review. The company was able to document the findings and develop a dynamic assessment process, reviewing risks and associated controls at least every two years, or sooner where material changes to the business warrant an earlier review.
Why it matters
Preparing for ECCTA requires companies to understand where fraud could occur within their business and to assess whether their preventive measures are adequate in practice. A detailed and robust risk assessment helps establish the basis for a proportionate fraud prevention plan, while regular review helps ensure that the assessment remains relevant as the business and its risk exposure evolve.
How GoodCorporation can help
GoodCorporation helps organisations assess their exposure to fraud, bribery and other economic crime risks, evaluate the effectiveness of existing controls and identify practical improvements. Our risk-based approach supports businesses in developing targeted prevention measures that reflect their operations, risk profile and regulatory obligations. To explore how your organisation can assess and strengthen its fraud prevention programme visit our Fraud Prevention services page or contact us to discuss your requirements.
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