Recovery and Debt Management
Process of identifying and recovering debt owed by staff, customers and third parties.
- Payments can be retrieved and recovered with the help of the Reserve Bank of Australia or financial institutions.
- The proceeds of fraud are pursued and recovered, including under the Proceeds of Crime Act 2002.
- Debts arising from non-compliance are recorded and recovered.
- Staff overpayments are recorded and recovered, e.g. they must repay overpayments of entitlements.
- Vendors must provide a rebate if contract obligations are not delivered.
Purpose of this countermeasure
Not recovering debts resulting from fraud and non-compliance can lead to persistent or greater levels of fraud.
Fraudsters will be less deterred from committing fraud and can avoid financial consequences for their actions.
This type of countermeasure is supported by:
- Governance, accountability and oversight
- Collaboration with strategic partners
- Legislation and Policy
- Procedural instructions or guidance
- Staff are trained to apply correct processes and decisions
- A specific form, process or system must be used
- Data matching
- Ongoing compliance, performance and contract reviews
- Data protected from manipulation or misuse
- Data analytics
- Coordinated disruption activity
- Penalties for fraud and non-compliance with rules, processes and expectations are enforced
How do I know if my countermeasures are effective?
You can apply the following methods to measure the effectiveness of these types of countermeasures:
- Confirm legislation/policy exists to support the recovery of stolen funds or fraudulent payments of this specific type.
- Confirm processes/systems are in place to support the recovery of stolen funds or fraudulent payments of this specific type.
- Review data on debt recovery for this specific type of payment.
- Confirm statistics on debt recovery are reported on for this specific type of payment.
- Determine the timeframes for recovering stolen funds or fraudulent payments of this specific type. Would delays reduce the ability to recover all the money?