VMA in conjunction with its partners also has the ability to assist insurers with a review of their Fraud Management operation to ensure they are adequately mitigating this important operational risk.
Our 3 staged approach can be delivered as a whole package or in stages as determined by the Insurer’s needs.
- Review the business operation as a whole to understand adequacy of business processes in managing fraud risk
- 4 lens will be utilised to undertake the review:
- Customer, System, Process, People
- Review governance and fraud frameworks
- Review training and capability frameworks
- Following on from the diagnostic stage a clear program of work will be developed to address areas of improvement that were identified
- Program of work will be developed and prioritised based on business needs and categorised in to ‘Do Now’, ‘Do Next’, ’Do Later’ and ‘Don’t Do’
- Agree milestones and implement benefit tracking methodology
- 3 month health check
- The optimisation stage will involve an initial review of the operational improvement program to determine it’s success against initial objectives
- Recommend enhancement and any required changes of direction for the operational improvement program
- 3 year strategy development including initiative identification and benefit modelling