Effective fraud risk management programs ensure transparency, consistency, and fairness.
Sanctions for noncompliance should be transparent and communicated to demonstrate a commitment to accountability.
Analysis of Options:
A. Mechanisms for breaches:Necessary to address compliance issues.
B. Consistent and firm punishment:Ensures a deterrent effect.
D. Designated compliance monitors:Vital for program enforcement.
C. Enacted privately:This is false because transparency is essential to maintain trust and deter similar actions.
Conclusion:Option C is false as formal sanctions should be communicated appropriately to promote deterrence and accountability.
[References:ACFE materials on fraud risk management and enforcement practices., , , ]
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