Fraud Risk Management
Before you invest, know the risks. Entering the Hungarian market exposes you to financial, operational and fraud risks that standard legal and accounting services do not always surface. Our company provides independent, certified fraud examination and due diligence to protect your decisions.
In the fields of Fraud Risk Management, CFE-Level Investigation and Due Diligence our long term partner is Terrazzo LLC, headed by Sík Richárd CFE having 25 years of business experience across SME, multinational and government environments, in CFO and CEO roles. He is working with a Certified Fraud Examiner credential: which is not an audit approach. While auditors verify the accuracy of numbers, CFE methodology uncovers what is deliberately concealed behind them.
What Makes the CFE Approach Different?
OPTEN and Bisnode classify companies using simple, standardized algorithms — without context or explanation. The Big4 focus on audit compliance and regulatory requirements — not the questions you actually need answered before making a business decision.
The CFE approach answers the questions that matter:
- Is it safe to sign a contract with this partner?
- Should I allow them to buy on credit?
- Can I trust them as a supplier?
- What are they hiding in their financials?
- What is happening inside my own company?
- Do my books reflect reality?
- Are there hidden anomalies in my own processes that I cannot see?
FirmaX Hungary answers these questions — with CFE-level methodology, precise financial analysis and industry context.
Not an algorithm — expert judgement. What we reveal genuinely supports decision-making.
Contact us NOW for a FREE preliminary advice!
Service Structure — 4 Modules
1. Risk Assessment & Due Diligence
- Risk Radar — financial statement analysis (Beneish M-Score, Altman Z-Score, trends, industry benchmark)
- Supplier background check — OSINT-based partner investigation
- Acquisition preparation — fraud-focused target company analysis
2. Internal Control Review
- Where are controls missing — who can approve what without oversight? (COSO IC gap-analysis)
- Which processes and access rights carry the highest fraud risk — risk map and heat map
- Process-level review — procurement, inventory, financial approvals, access rights
3. Fraud Investigation
- Transaction anomaly analysis — unusual payment patterns, fictitious invoices, duplicate detection
- Statistical screening — Benford’s Law, round-sum payments, structured sub-threshold transactions
- Inventory and asset discrepancies — stock shortages, missing assets
- Payroll anomaly review — ghost employees, unjustified salary increases, payment irregularities
4. Findings & Improvement
- Financial controlling process improvement — concrete recommendations to address identified gaps
- Monthly monitoring mechanisms — regular financial checkpoints and early warning indicators
- Financial planning and control framework — sustainable reduction of fraud risk at operational level
Why This Matters in the EU Market — Now
EU Whistleblowing Directive 2019/1937
Mandatory internal reporting system for organisations with 50+ employees — design, review and investigation protocol.
CS3D / CSDD — Supply Chain Due Diligence
Mandatory supplier risk assessment — due diligence methodology and supplier background screening.
Asset Recovery Directive 2024/1260
Deadline: November 2026 — asset recovery strategy and regulatory cooperation requirements.
AML/CFT — Anti-Money Laundering
Transaction monitoring, identification of suspicious transactions, internal investigation protocol.
