In practice, fraud and risk management often overlap and work together, since fraud represents a risk to an organization. Fraud management is a subset of risk management and its focus is to assess, identify and prevent fraud. An organization's risk management strategy should include fraud management and fraud prevention as a critical component.

Fraud management refers to the process of identifying, analyzing, and preventing fraudulent activities within an organization. It is the practice of proactively identifying potential fraud schemes and implementing measures to prevent them from happening, as well as detecting and responding to fraud that has occurred.

Risk management, on the other hand, is the process of identifying, assessing, and prioritizing potential risks to an organization and taking steps to mitigate or manage those risks. It involves identifying potential threats to an organization's assets, whether they be financial, physical, or reputational, and taking steps to minimize the impact of those risks.

At Oofty, we help organizations to understand the needs of a full end-end mitigation of both frauds and risks by setting in place adequate battlefield strategies and building the right tools.