An initiative in Endeavour Energy’s Fraud and Corruption Control Plan 2010–2012 requires a company wide fraud risk assessment (FRA) to be conducted every two years. In August 2010, before the FRA began, we conducted a review of the risks in our Fraud Risk Register.
A definition of a ‘fraud and corrupt conduct risk’ was also developed and applied during the register review and subsequent FRA. The risks were then segmented into business process categories to help ensure better practice in the management of fraud risk.
Likewise, treatment action plans were developed for each of the fraud risks. These are being implemented and monitored by the various divisions, in line with the 2011–12 risk management plan.
In early 2011, a new company procedure was developed to define the process for maintaining and updating the register. This included a requirement for employees to establish a way to identify new fraud risks in their areas of responsibility, on an ongoing basis.