Prevent (CEO) fraud
IRM360 - FRMS
Easily implement and monitor financial controls in your organisation
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Increase the grip on financial processes.
Increase risk awareness.
Easily link and test the management measures.
The importance of financial risk management
CEO Fraud, phishing, ransomware, growing problems.
Companies are increasingly hit by CEO Fraud, also known as whaling. Various studies have shown that many employees in the financial administration department have to deal with such attacks and in 75% of the cases, this had a business impact. Not all cases are known to limit reputational damage. In most cases, large sums of money were looted, financial data was lost, customers were lost due to the reputational damage incurred, or the employees involved were fired.
Cybercriminals are constantly looking for ways to exploit technical or human vulnerabilities. All modern means are used, from phishing mail, social engineering, posing as CEO, fake websites, hacking, etc. to strike the blow.
CEO Fraud? That does not happen to me!
The procedure is often the same. Via a "confidential" e-mail the financial administration is urgently asked to transfer a large sum of money to a relation.
However, the specified bank account specified is of a cyber-criminal. The e-mail is set up in such a way that it seems to come from the director/CEO. Often the criminal has been present for a while to learn the communication, mimic it and wait for the ideal moment.
It often affects organizations where a new CEO has just taken office and it concerns a special transaction, urgency and confidentiality are required and it often concerns a new relationship.
The FRMS makes your control demonstrable
With the FRMS, you can easily take the right control measures and implement them in the organization on the basis of a Plan-Do-Check-Act approach. This can be done through risk analyses or a 'basic' measures approach, per process or the department level.
At a glance, you can see the implementation status and effectiveness of these control measures per process or department from the FRMS management system, and you can also see the risk awareness of the employees involved.
The FRMS supports your own control frameworks or the (ITGC) framework of the accountant.
Attacks such as CEO fraud require an integrated approach
The FRMS has an integrated awareness program tailored to risks such as whaling, phishing, and ransomware, and preventive measures.
After all, prevention is better than cure, so you don't open the door wide with a simple click!
Standalone or integrated
FRMS is available as a stand-alone system or can be integrated into CyberManager licenses (Advanced or Pro) from which you can manage IT, cyber, privacy, and/or continuity risks and comply with internal guidelines or ITGCs.
Unnecessary duplication of effort is avoided, and an integrated approach reduces the likelihood and impact of risks.