Top 10 Firm Grant Thornton announced the release of its new fraudrisk.x software, which uses past knowledge of fraud schemes to help professionals make more accurate risk assessments for their clients.
The new software does not rely on one-and-done fraud risk assessments, which can often take the form of just a survey or interview. Instead, fraudrisk.x draws on a firm-assembled library of more than 1,000 external and internal fraud-schemes, from longstanding gambits such as expense-reimbursement fraud to emerging plots such as deep-fake identity theft.
This library is combined with data collection tools and automated workflow capacities to move clients along Grant Thornton's phased risk assessment process: discover; map; design and implement; and report.
"A best-in-class fraud risk assessment provides businesses with a clear path to mitigation, monitoring and reporting ― but this can be time-intensive and expensive," said Zach Snickles, a partner in the fraud and forensic advisory services practice at Grant Thornton, in a statement. "Our fraudrisk.x technology helps clients overcome this hurdle: They save time and resources, while also gaining a more complete understanding of their risk universe, now and moving forward."
