Internship Report on “Quantanite’s Internal Control System in Fraud Prevention”

Abstract

Quantanite is the leading Business Process Operations (BPO) company, operating in a high-risk environment where every client’s data is very sensitive and can cause potentially fraudulent activity anytime soon. This report gives an overview of the company’s Internal Control System (ICS) and the role it is following in order to prevent different sorts of fraudulent activities. The report is based on numerous research which I have gained from the internship and through practical experiences, with the goal of evaluating Quantanite’s ICS how strong and threating it is in terms of tacking fraud and areas for improvement. BPO companies like Quantanite, has to go through these types of troubles which includes the fraud with an aim of harming the stakeholders and for their own benefits as well. These fraudulent activities include theft of data, billing fraud, misconduct of the vendor and false records of data. All of these frauds can harm the company into a bigger level, each type of fraud carries significant operational, reputational, and financial consequences, affecting the company's stability and relationships with clients and stakeholders. Quantanite’s Internal Control system was always their top priority in order to effectively stand against the fraud risk. On a daily basis in order to have a regular check they have been developing their control activities, communication channels and assessment of risk. The IT team also contributes in enhancing the ICS of the company. Operational excellence and conformity to industry standards are guaranteed by supervisors and certified IT teams. This report gives Quantanite with practical advices and recommendations to strengthen their ICS and reduce fraud risks. By prioritizing fraud prevention efforts, maintaining open communication channels, and adopting an open and trustworthy culture.