Managing a wide assortment of risks is an imperative part of running any modern company. From payment fraud to operational exposures—to, in one industry-specific situation, potential injuries to participants in clinical drug trials—the variety and prevalence of risks can leave corporate risk managers feeling like they‘re playing an endless game of Whac-A-Mole.
“Fraud moves very, very quickly,” says Todd Wachob, senior risk manager at Paychex, which implemented a fraud-prevention program that won one of our 2024 Alexander Hamilton Awards in Operational Risk Management & Fraud Prevention. “We’re seeing exponential growth in fraud activity year over year. It’s always changing, but it’s also always growing.”
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