Housing associations are a frequent target for corporate fraud. The threat can be from within or external. Our experience has enabled us to help governance and assurance teams prevent fraud and in house finance and legal respond to fraud. How can we help you?
Fighting fraud for Housing Associations
The Regulator of Social Housing (the “Regulator”) has set out its reporting requirement for fraud in regulating the Standards, in particular Governance and Financial Viability. The Regulator requires registered providers that own more than a thousand units to report annually on fraud losses.1
The Regulator is clear that it “has an interest in ensuring that the opportunity and scope for fraudulent activity in the social housing sector is minimised and that a registered provider’s response is appropriate and robust. A significant fraud may impact on a registered provider’s ability to meet the governance and financial viability standard for example where it reveals weaknesses in internal control systems.”
Numerous types of corporate fraud have been identified within this sector, with the most common types being payroll, procurement, cybercrime, fraud within the finance function, development fraud and estates and maintenance fraud.
Our experience in the sector is demonstrated by those who trust us. We bring our financial crime and fraud knowledge from a wide range of sectors to housing associations and our work in the sector has proved valuable when acting solely for registered providers to help them prevent or respond to fraud.
Examples of our wider credentials are:
Key to any registered provider’s counter fraud and fraud response plan is knowing how to identify the risks their own organisation is at risk from and how to respond with the Regulator in mind and often having to consider wider issues such as safeguarding and reputation.
We know from our experience the impact on registered providers can be: