Fraud Risk Assessment Plan for Barclays Bank of Kenya

Abstract

The typical organization loses an average of 5-7% of its gross revenue to fraud annually. Theft of assets, which includes money, physical assets and or services, is the most common type of fraud. Majority of frauds are detected through tips reported by either employees, vendors or whistle blowers. Organizations that implement company-wide fraud awareness training cut fraud losses by 52%.

This thesis aims at providing more understanding of fraud; prevention, detection, reporting and resolution guidelines which the Bank can incorporate in its fight against fraud.

The commissioner of this thesis, Barclays Bank of Kenya, is one of the leading banks in the country and has operated in Kenya for almost 100 years. The Bank is highly re-spected for its outstanding performance over the years and its overall image. Unfortunately, like many other organizations, the Bank continues to face fraud committed by its employees and or third parties.

Fraud risk assessment provides a comprehensive step by step model that can be utilized in identifying the methods through which fraud is committed, preventing further fraudulent activities occurring and providing guidelines of handling fraud and taking action against perpetrators. Fortunately, some fraud risks are preventable, while others can be closely monitored in order to reduce their consequences and frequencies of occurrence.

Reducing fraud to the minimum will help Barclays Bank to streamline its business through improving the quality of its processes and ultimately the quality of services offered to customers. This will in turn build customer confidence and increase the Bank’s reputation in comparison to its competitors.

This thesis contains some confidential information that does not appear on the published version.