Part One began our discussion of insurance fraud, its impact on the industry, and how many insurers have begun to focus specifically on claims fraud as part of their enterprise risk management (ERM) strategy.
Today, we delve deeper into how risk professionals can more accurately gauge the potential for internal and external fraud in all departments and functional areas of their respective organizations. Are the real risks of fraud being adequately addressed? What are some opportunities for improvement?
Better fraud risk management begins with awareness. Once an organization has answered these preliminary questions, it can incorporate ERM techniques in the following ways to ultimately quell fraud:
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