The fight against fraud has become a priority for many companies and the latter takes place mainly through documents. The implementation of a digital solution relies on the commitment of internal teams and the support of decision-makers. Reducing fraud means reducing financial losses linked to fraud and increasing business profitability. Discover in this article how to approach the implementation of an internal anti-fraud project in a strategic and persuasive way.
What does document fraud represent in companies today?
- 21 billion euros loss per year and 5 to 10% of company turnover (ALFA and Trustpair)
- 100% increase in documentary fraud in 2021 (Archimag)
- Documentary fraud is considered to be the 3rd largest criminal industry of the world, succeeding drug trafficking and prostitution. (Bank magazine)
Why is it important to defend an anti-fraud solution internally?
Fraud is a priority for many companies, however it is still complicated to measure it and 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 defined budget with your hierarchy.
Before starting discussions regarding the project and the budget with management, we suggest you carry out a few steps:
Structure your project. The goal 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 take an initial assessment of the situation and 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 the fraud. Their opinion and their influence will allow you to flesh out your file but also to support your statement in the rest of the process. The more you involve people upstream in a project, the more they will enjoy taking part in it and defending it alongside you.
🙌 Advice from 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 areas for development. There are inevitably points on which you waste time, money and above all which generate time-consuming tasks with 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, behavioral fraud or even authority fraud... It is therefore necessary to clearly identify the areas for improvement in your structure. You can then begin a study of the different solutions and compare: ROI, price, UX for user buy-in, 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 to find out which solution best suits what you are looking for.
In order to best calculate your ROI, we advise you to prioritize auditing some of your documents.
Who should you propose your anti-fraud project to?
It all depends on the origin of the proposal. 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 align with the overall vision of the company.
The next step concerns the budget. Your request will have more weight if you are able to provide the beginnings of ROI thanks to the audits you have carried out beforehand.
When is the right time to discuss the budget?
Timing is very important and will allow you to have your project validated more quickly. Adapt to the company's budget cycle. Some companies will be able to release budgets during the year, others will have budgets determined one year in advance. It is important to have this type of information so as not to propose your solution at an inopportune moment which could risk being forgotten.
How to defend your initiative?
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 key now is to bring together all this information in a file in order to make your point as credible as possible. Present the advantages, 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 ask service providers to help you and present the positive impact that their solution could have on the company. To gain approval, management must perceive its value.
We hope that this article will help you in carrying out your internal anti-fraud project. If you need more information, our experts are available 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 frauds, our articles are at your disposal!
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