Key aspects of the publication include:
➡️ Core principles and processes for conducting FLM exercises;
➡️ A methodology for conducting fraud loss measurement exercises;
➡️ Guidance on conducting statistical sampling to support exercises;
➡️ An outline of the business drivers for conducting FLMs; and
➡️ Attributes and governance arrangement required to effectively implement FLMs.
✅ Firms should ensure FLMs are comprehensive, integrating the best practices outlined in the report to improve fraud identification and prevention.