The Department estimates that it is exposed to up to £1.5 billion a year of losses to fraud and economic crime. The NAO’s report notes that this estimate is based on external industry benchmarks, not built up from its understanding of its own fraud risks and controls.31 The Department has over 100 fraud risk registers covering various areas of areas of the organisation. But these are of limited use for managing fraud as they do not include a financial assessment of potential loss and around half of the risks are rated as ‘critical’ or ‘severe’.32