The fight against fraud has become a priority for many businesses and fraud takes place mostly through documents. The implementation of a digital solution is based on the commitment of internal teams and the support of decision-makers. Reducing fraud means reducing the financial losses associated with fraud and increasing the profitability of businesses. In this article, discover how to approach the implementation of an internal anti-fraud project in a strategic and persuasive way.
Fraud is a priority for many businesses, but it is still complicated to measure it and to realize its impact from a financial and reputational point of view. However, by following a few simple and quick steps, you will be able to defend an anti-fraud solution in your structure and thus obtain a budget defined with your hierarchy.
Before starting discussions concerning the project and the budget with management, we suggest that you complete a few steps:
Structure your project. The aim is to present yourself in front of your decision-makers with a clear and complete vision.
→ Identify your current fraud challenges and obstacles
What are the financial losses? What are we looking at today to fight fraud? Where are there areas for improvement? How long does it take us to process a file? What percentage of fraud do we detect on our files? Who are the different stakeholders that I will have to persuade?
These elements will allow you to draw up an initial assessment of the situation and to understand the challenges you will face when implementing an anti-fraud solution. It is essential not to work alone: discuss with your operational teams but also with the departments affected by fraud. Their opinion and their influence will allow you to develop your case but also to support your comments in the rest of the process. The more you involve people early in a project, the more they will enjoy taking part and defending it alongside you.
🙌 The advice of the FIN'Équipe !
It is complicated to know where to start in setting up an anti-fraud project, the best thing to do is to look at what you are doing today and identify the points of development. There are bound to be points on which you waste time, money and above all that generate time-consuming tasks that have no added value for employees. This internal study will allow you to be effective in finding a solution.
→ Look for solutions adapted to your challenges
The fight against fraud is very broad: documentary fraud, identity fraud, identity fraud, behavioral fraud or even authority fraud... It is therefore necessary to clearly identify what are the areas of improvement of your structure. You can then start a study of the various solutions and compare: ROI, price, UX for user adherence, security, speed and ease of implementation, customer support, convergence between your needs and the solutions.
You can then list one or more solutions and conduct audits in order to find out which solution is most in line with what you are looking for.
In order to best calculate your ROI, we advise you to prioritize the audit of some of your documents.
It all depends on where the proposal comes from. If it comes from the anti-fraud or compliance team, a CFO, an operations director or even an innovation manager. It is necessary to have the approval of the manager concerned but also of the teams who will then have to implement this solution. Digital initiatives are at the heart of current concerns. The project must be in line with the overall vision of the company.
The next step is with respect to the budget. Your request will have more weight if you are able to provide a start of ROI thanks to the audits you have done beforehand.
Timing is very important and will allow you to get your project validated more quickly. Adapt to the business budget cycle. Some companies will be able to release budgets during the year, others will have budgets determined a year in advance. It is important to have this type of information so as not to offer your solution at an inopportune moment that could be forgotten.
You know who to talk to, when to talk and above all you have prepared your ground with your audits and your study within the company. The trick now is to combine all this information in a file in order to give as much credibility as possible to your point. Present the benefits, present the ROI and demonstrate to your team but also to decision-makers that your solution is the best. To do this, do not hesitate to use the figures to justify your project and to ask the service providers to help you and present the positive impact that their solution could have on the business. To get approval, management must perceive its value.
We hope that this article will help you in carrying out your anti-fraud project internally. If you need more information, our experts are at your disposal to help you create your file.
If you want to know How to set up an internal anti-fraud unit Or know What are the most common types of fraud, our items are at your disposal!
.jpg)
