PSFA Issues Guidance on Enterprise Fraud Risk Assessments

The guidance is based upon best practice from the public sector and provides guidance on the content and structure of EFRAs.

Key recommendations from the guidance include:

• Use scoring matrices to present fraud risks containing factors such as likelihood of occurrence, likelihood of frequency, impact of duration, and impact of materiality;
• Include an overarching narrative in EFRAs underpinned by examples, evidence, and a comprehensive fraud risk register; and
• To impactfully present EFRAs to senior stakeholders, group risks either by the affected business area, or by the cross-cutting risk.

✅ Counter fraud professionals should review their EFRA methodology to ensure it aligns with the best practice outlined in the guidance.

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