Strengthening Internal Controls and Fraud Risk Management in Utility Companies: Lessons from Hub Power Company (HUBCO)

This study investigates the role of internal controls and fraud risk management in enhancing governance within utility companies, with specific reference to Hub Power Company (HUBCO).Fraudulent activities and weak control mechanisms can severely disrupt utility operations, leading to financial losses, reputational damage, and regulatory penalties.Using data collected from 280 employees across operations, finance, and risk functions, the study applied SPSS v.26 for descriptive, correlation, and regression analysis.Results confirm that strong internal controls, coupled with proactive fraud detection and compliance mechanisms, significantly reduce organizational vulnerability.Furthermore, cultivating a risk-aware culture through training and audit frameworks was found to be the most influential factor in preventing fraud.The findings offer practical implications for energy companies in emerging markets seeking to safeguard integrity and operational stability.