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Developing an effective fraud risk management approach includes four (4) steps: risk assessment, design/development of controls, implementation of those controls, and evaluation of the effectiveness

Developing an effective fraud risk management approach includes four (4) steps: risk assessment, design/development of controls, implementation of those controls, and evaluation of the effectiveness of those controlsIndependence of the compliance function can be ensured by having compliance personnel report directly to a senior executive officer such as the President or CEO

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