Which process requires two or more people to work together to minimize fraud risk?

The process described in the question focuses on the implementation of a control that effectively minimizes the risk of fraud by requiring the involvement of multiple individuals. Dual control is specifically designed to ensure that no single person has complete control over any key task or process. This approach mandates that at least two people collaborate to approve or execute significant actions, such as handling cash or authorizing transactions.

By using dual control, organizations can create a check-and-balance system that makes it more difficult for any individual to commit fraud without collusion. The necessity for cooperation between multiple individuals acts as a deterrent to fraud and enhances overall security by ensuring that critical tasks involve scrutiny from more than one person.

In contrast, while separation of duties also aims to reduce fraud by dividing responsibilities among different individuals, it doesn’t necessarily require the active collaboration of those individuals in the same manner as dual control. Financial auditing and performance reviews, while they may contribute to overall governance and control in an organization, do not revolve around the requirement for two or more people to collaborate directly to carry out tasks that significantly reduce fraud risk like dual control does.