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tability.ioWhat are Fraud Prevention OKRs?
The Objective and Key Results (OKR) framework is a simple goal-setting methodology that was introduced at Intel by Andy Grove in the 70s. It became popular after John Doerr introduced it to Google in the 90s, and it's now used by teams of all sizes to set and track ambitious goals at scale.
Writing good OKRs can be hard, especially if it's your first time doing it. You'll need to center the focus of your plans around outcomes instead of projects.
We've tailored a list of OKRs examples for Fraud Prevention to help you. You can look at any of the templates below to get some inspiration for your own goals.
If you want to learn more about the framework, you can read our OKR guide online.
Fraud Prevention OKRs examples
You will find in the next section many different Fraud Prevention Objectives and Key Results. We've included strategic initiatives in our templates to give you a better idea of the different between the key results (how we measure progress), and the initiatives (what we do to achieve the results).
Hope you'll find this helpful!
OKRs to implement robust fraud prevention and transaction monitoring systems
ObjectiveImplement robust fraud prevention and transaction monitoring systems
KRDouble weekly monitoring audits and reduce detection-to-action time by 30%
Implement faster response strategies for detected issues- Invest in automation tools to expedite detection-to-action time
- Increase frequency of weekly monitoring audits to twice a week
- KRDecrease fraud incidents by 40% using advanced detection technology
- Implement advanced fraud detection technology in daily operations
- Conduct regular system audits to identify vulnerabilities
- Train employees on utilization of detection software
- KRComplete incident response training for 100% of the financial team
- Schedule training sessions for all team members
- Track and record completion rates for team
- Identify appropriate incident response course for financial team
OKRs to enhance protection of vulnerable customers against fraud
- ObjectiveEnhance protection of vulnerable customers against fraud
- KRTrain 100% of customer service representatives on fraud detection and prevention
- Monitor and evaluate participants' understanding and application
- Develop comprehensive fraud detection and prevention training program
- Schedule mandatory training sessions for all representatives
- KRDecrease fraud incidents among vulnerable customers by 40%
- Implement stronger identity verification measures for customer transactions
- Enhance fraud detection software to identify suspicious activities
- Develop fraud awareness and prevention training for staff
- KRImplement a guided session program for 90% of identified vulnerable customers
- Identify customers who are deemed vulnerable
- Develop guided session program tailored to their needs
- Train staff in delivering the program
OKRs to enhance fraud detection and prevention in the payment system
- ObjectiveEnhance fraud detection and prevention in the payment system
- KRReduce the number of fraudulent transactions by 25% through enhanced system security
- Invest in fraud detection and prevention software
- Conduct regular cybersecurity audits and fixes
- Implement advanced encryption techniques for payment transactions
- KRImplement machine learning algorithms to increase fraud detection accuracy by 40%
- Train the algorithms with historical fraud data
- Select appropriate machine learning algorithms for fraud detection
- Test and tweak models' accuracy to achieve a 40% increase
- KRTrain staff on new security protocols to reduce manual errors by 30%
- Monitor and evaluate reduction in manual errors post-training
- Schedule mandatory training sessions for all staff
- Develop comprehensive training on new security protocols
How to write your own Fraud Prevention OKRs
1. Get tailored OKRs with an AI
You'll find some examples below, but it's likely that you have very specific needs that won't be covered.
You can use Tability's AI generator to create tailored OKRs based on your specific context. Tability can turn your objective description into a fully editable OKR template -- including tips to help you refine your goals.
- 1. Go to Tability's plan editor
- 2. Click on the "Generate goals using AI" button
- 3. Use natural language to describe your goals
Tability will then use your prompt to generate a fully editable OKR template.
Watch the video below to see it in action 👇
Option 2. Optimise existing OKRs with Tability Feedback tool
If you already have existing goals, and you want to improve them. You can use Tability's AI feedback to help you.
- 1. Go to Tability's plan editor
- 2. Add your existing OKRs (you can import them from a spreadsheet)
- 3. Click on "Generate analysis"
Tability's Strategy Map makes it easy to see all your org's OKRsTability will scan your OKRs and offer different suggestions to improve them. This can range from a small rewrite of a statement to make it clearer to a complete rewrite of the entire OKR.
You can then decide to accept the suggestions or dismiss them if you don't agree.
Option 3. Use the free OKR generator
If you're just looking for some quick inspiration, you can also use our free OKR generator to get a template.
Unlike with Tability, you won't be able to iterate on the templates, but this is still a great way to get started.
Fraud Prevention OKR best practices
Generally speaking, your objectives should be ambitious yet achievable, and your key results should be measurable and time-bound (using the SMART framework can be helpful). It is also recommended to list strategic initiatives under your key results, as it'll help you avoid the common mistake of listing projects in your KRs.
Here are a couple of best practices extracted from our OKR implementation guide 👇
Tip #1: Limit the number of key results
The #1 role of OKRs is to help you and your team focus on what really matters. Business-as-usual activities will still be happening, but you do not need to track your entire roadmap in the OKRs.
We recommend having 3-4 objectives, and 3-4 key results per objective. A platform like Tability can run audits on your data to help you identify the plans that have too many goals.
Tip #2: Commit to weekly OKR check-ins
Don't fall into the set-and-forget trap. It is important to adopt a weekly check-in process to get the full value of your OKRs and make your strategy agile – otherwise this is nothing more than a reporting exercise.
Being able to see trends for your key results will also keep yourself honest.
Tip #3: No more than 2 yellow statuses in a row
Yes, this is another tip for goal-tracking instead of goal-setting (but you'll get plenty of OKR examples above). But, once you have your goals defined, it will be your ability to keep the right sense of urgency that will make the difference.
As a rule of thumb, it's best to avoid having more than 2 yellow/at risk statuses in a row.
Make a call on the 3rd update. You should be either back on track, or off track. This sounds harsh but it's the best way to signal risks early enough to fix things.
How to track your Fraud Prevention OKRs
Quarterly OKRs should have weekly updates to get all the benefits from the framework. Reviewing progress periodically has several advantages:
- It brings the goals back to the top of the mind
- It will highlight poorly set OKRs
- It will surface execution risks
- It improves transparency and accountability
Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKR platform to make things easier.
If you're not yet set on a tool, you can check out the 5 best OKR tracking templates guide to find the best way to monitor progress during the quarter.
More Fraud Prevention OKR templates
We have more templates to help you draft your team goals and OKRs.
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