Similar to an enterprise risk assessment, a computer fraud risk assessment focuses on fraud schemes and scenarios to determine whether the controls exist and how the controt's can be clrcumvented. Llst computer freud risk assessments in sequence. Instructions Assessing the likelihood and impact of a control failure and/or a fraud incident. Testing operating effectiveness of fraud prevention and detection controls. Identifying relevant IT fraud risk factors. Identifying and prioritizing potential IT fraud schemes. Mapping existing controls to potential fraud schemes and identifying gaps.

To kickstart your computer fraud risk assessment, first, dive into identifying and prioritizing potential IT fraud schemes. Think of it like being a detective seeking out the "bad guys" in your system! Next up, look into the relevant IT fraud risk factors—these are your clues that may hint at vulnerabilities within your tech landscape. Once you have that groundwork laid, you'll want to map existing controls to the potential fraud schemes you've identified. This is like setting up your defenses based on what you think the criminals might try! Following that, it’s crucial to assess the likelihood and impact of any control failure or fraud incident—because knowledge is power and knowing a potential threat can keep you one step ahead. Finally, put your systems to the test by evaluating the operating effectiveness of your fraud prevention and detection controls. After all, wouldn’t you want to know if your lock can actually keep the door secure?