EFFECTS OF CONTROL ACTIVITIES AND RISK ASSESSMENT PRACTICES ON FRAUD MANAGEMNT IN NIGERIAN DEPOSIT MONEY BANKS
Deposit money banks (DMBs) in Nigeria are essential to the growth and stability of the nation’s financial system, but fraud is a widespread issue brought on by human activity that has been going on for a long time and is getting worse. However, a recent spike in fraudulent activities has caused the industry serious problems, leading to monetary losses, brand damage, and a loss of public confidence. This study investigated the effect of control activities and risk assessment practices on fraud management in deposit money banks in Nigeria. The population of the study consists of all 1867 top management and managers of the fifteen deposit money banks listed on the Nigeria Exchange Group (NXG), the sample size selected for this study is 400 top management and managers. The study used primary data which was collected through the use of questionnaire. A self-structured questionnaire, the data collected was analyzed using inferential statistical tools of Partial Least Squares Structural Equation Modeling (PLS-SEM). The study revealed that control activities and risk assessment were found to be positive and significant on fraud management in deposit money bank in Nigeria. It is concluded that internal control attributes practices have significant effect on fraud management in deposit money banks in Nigeria. The study recommended that deposit money banks enhance control activities and risks activities for robust effectiveness.
Keywords: Fraud Management, Deposit Money Banks (DMBs), Control Activities and Risk Assessment.
