Fraud Risk Assessment Report
The Regulator of Social Housing has highlighted that fraud is a serious risk that Boards can’t afford to ignore and requires regular reporting of fraud through NROSH+ returns.
The cost of fraud to the social purpose organisation sector has been estimated to be potentially billions of pounds each year.
Why is tackling fraud important to Boards?
Fraud poses a serious risk to valuable funds, as well as sensitive data, and can damage the good reputation of social purpose organisations, affecting public trust and confidence in the sector as a whole.
Boards are the custodians of their social purpose organisations and have a duty to manage their organisation’s resources responsibly. They have legal duties and responsibilities under to safeguard their organisation and to ensure that its funds and assets are protected, properly used and applied, and accounted for. Stakeholders and the wider public needs to be sure that money given to social purpose organisations is used properly and goes to the purposes for which it is intended.
Fraud Risk Assessment
Our Fraud Risk Assessment tool includes relevant checklists and questions to ensure you assess fraud appropriately. It also contains references that have been made to the Charity Commission guidance. Although this is issued specifically for charities, it also identifies good practice that can be applied for all social purpose organisations including housing associations.
Also included in our report:
- key questions for Boards to ask as a starting point in considering fraud risk
- how Boards can build organisational resilience
- potential fraud risks by function and activity
- guidance on assessing fraud risk and mitigations.
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