An external audit undertaken on the operational risk department of Zenith Bank Ghana Ltd identified the absence in any formal system or procedures to prevent, detect and respond to all fraud types. Whilst there was an external fraud department, it operated in a reactionary manner and the risks of potential fraud events around the bank were not assessed and more importantly, no plans were in place to mitigate against potential fraud events. This absence of assessment of controls exposed the bank to the risk of material losses. The maturity and experience of personnel in addressing such an action was a challenge to the bank and consultancy assistance was sought to address this audit finding. Required: You have been engaged as a consultant for Zenith Bank Ghana LTD. Draw up a comprehensive fraud risk assessment that would incorporate a formal process o
An external audit undertaken on the operational risk department of Zenith Bank Ghana Ltd
identified the absence in any formal system or procedures to prevent, detect and respond to all
fraud types. Whilst there was an external fraud department, it operated in a reactionary manner
and the risks of potential fraud events around the bank were not assessed and more importantly,
no plans were in place to mitigate against potential fraud events. This absence of assessment of
controls exposed the bank to the risk of material losses. The maturity and experience of personnel
in addressing such an action was a challenge to the bank and consultancy assistance was sought
to address this audit finding.
Required:
You have been engaged as a consultant for Zenith Bank Ghana LTD. Draw up a comprehensive
fraud risk assessment that would incorporate a formal process of accountability and
responsibility going forward for Zenith Ghana Ltd.
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