Improving and Implementing Internal Controls
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Implementing and Improving Internal Controls Articulating the increasing need for comprehensive in-house fraud control procedures • Optimizing the accuracy and reliability of data acquired through internal inspections • Detailing the process of applying controls inside the organization, and demonstrating the outcome
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This document provides guidance for internal auditors on evaluating internal controls. It discusses:
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This document discusses fraud risk assessment and management. It covers key principles of fraud risk management programs including fraud risk assessment, prevention, detection, escalation, investigation and correction. The fraud risk assessment process involves identifying inherent fraud risks, assessing the likelihood and significance of risks, and responding to reasonably likely and significant residual risks. It provides examples of fraud risks across different areas like financial reporting, misappropriation of assets, corruption, and other risks. It also discusses establishing a fraud risk assessment team and outlines the fraud risk assessment framework and process.
Dr haluk f gursel fraud examination rises to distinction article grcj 2010 1_v3_
Global firms are recognizing that the
anti-fraud profession is an important
component of risk measurement and
avoidance. The analysis below
illustrates how recent risk-based
management control systems are
hastening the development of
specialized anti-fraud agents. It is
evident that the increased public
appetite for transparency and enhanced
accountability has also spurred rapid
developments in the anti-fraud
discipline.
Accounts payable fraud
This 90-minute webinar will guide participants through ensuring strong controls for the accounts payable (AP) function and minimizing exposure to AP fraud. It will cover common AP fraud schemes, red flags, detection techniques, and anti-fraud controls. The instructor, Peter Goldmann, has 25 years of fraud prevention experience including as a Certified Fraud Examiner and business journalist.
Kenya AMC Presentation 2
The document summarizes a presentation on fraud risk management. It discusses why people commit fraud, proactive vs reactive fraud prevention approaches, what to do if fraud is detected, and concluding with what to do if fraud is suspected. The presentation advocates adopting a "fraud savvy model" with six elements: establishing moral rules, training, risk controls, reporting/monitoring, proactive detection, and thorough investigation/prosecution. If fraud occurs, the presenter recommends a full internal investigation, preserving evidence, seeking legal advice, and implementing fraud mitigation measures, but expresses that focusing on recovery may be better than punishment.
Setting Up and Managing an Anonymous Fraud Hotline
Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud in a High Crime Climate. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com
This Webinar focused on the subject in the title
FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web.
FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware.
Implementing Anti Money Laundering and Fraud Rules in Banking
This presentation describes various financial crimes functional challenges and how to define and construct effective rules in support of Anti-Money Laundering (AML) or Electronic Fraud scenarios.
It is useful to those working in traditional or digital Banking sectors; especially working in departments such as Internal control, Compliance, Monitoring or Investigation.
Professionals in compliance or technology functions such as internal Control officers, compliance officer, rules developers, compliance supervisors and team leaders will also benefit as it aims to provide insight into effective rules that ensures their Banking operations remain compliant in line with ever-evolving electronic fraud and AML patterns.
Later sections of the presentation also describe Dixtior Compliance Solution as an effective solution to detect and combat money laundering in any banking institution.
To download the document, visit www.thetriversa.com/article.php
ICFE Fraud Risk Management Programme Infosheet
The document introduces ICFE Group of Companies' Fraud Risk Management Programme, which provides a comprehensive strategy to prevent, detect, and respond to corporate fraud and misconduct. The programme involves assessing fraud risks through understanding factors like pressure, opportunity, and rationalization (the fraud triangle). It then designs and implements controls to address identified risks, evaluates controls, and provides complementary investigation and training services. ICFE's programme is presented as a continuous process that balances fraud prevention with business needs through customized solutions.
A Paradigm Shift in Audit Process
The role of internal auditors in fraud risk management and the skill sets required in the current scenario...
The focus of audit has to change from transaction audit to value addition..
Fraud Risk Management: High-Level Perspectives for Directors and Investors
Stay ahead of the curve in fraud risk management with our slides on "Fraud Risk Management: High-Level Perspectives for Directors and Investors." Based on the best practices outlined by COSO and ACFE, these slides cover key insights into fraud risk governance policies, assessments, prevention and detection control activities, investigations, and more. Essential for ongoing corporate governance training and fulfilling statutory requirements in different countries.
Watch session: https://youtu.be/WxnwWXfHT_o
Ethics fraud & internal control ppt @ dom s
The document provides an overview of accounting information systems, ethics, fraud, and internal controls. It discusses business ethics and areas like computer ethics. It defines legal fraud and common fraud schemes. It also outlines the key components of the SAS 78/COSO internal control framework, including control environment, risk assessment, information and communication, monitoring, and control activities.
Ethics fraud & internal control ppt @ dom s
The document provides an overview of accounting information systems, ethics, fraud, and internal controls. It discusses business ethics and areas like computer ethics. It defines legal fraud and common fraud schemes. It also outlines the key components of the SAS 78/COSO internal control framework, including control environment, risk assessment, information and communication, monitoring, and control activities.
Continuous Controls Monitoring: Putting Controls in Place is Not Enough
Webinar series from FraudResourceNet LLC on Preventing and Detecting Fraud Using Data Analytics. Recordings of these Webinars are available for purchase from our Website fraudresourcenet.com
This Webinar focused on fraud detection using data analytic software (Excel, ACL, IDEA)
FraudResourceNet (FRN) is the only searchable portal of practical, expert fraud prevention, detection and audit information on the Web.
FRN combines the high quality, authoritative anti-fraud and audit content from the leading providers, AuditNet ® LLC and White-Collar Crime 101 LLC/FraudAware.
The two entities designed FRN as the “go-to”, easy-to-use source of “how-to” fraud prevention, detection, audit and investigation templates, guidelines, policies, training programs (recorded no CPE and live with CPE) and articles from leading subject matter experts.
FRN is a continuously expanding and improving resource, offering auditors, fraud examiners, controllers, investigators and accountants a content-rich source of cutting-edge anti-fraud tools and techniques they will want to refer to again and again.
Anti fraud program
The document outlines strategies for implementing an effective anti-fraud program, including establishing governance, conducting fraud risk assessments, implementing prevention and detection controls, investigating fraud allegations, and taking corrective actions. It discusses benchmarking existing anti-fraud activities, defining roles and responsibilities, identifying key risk categories and schemes, measuring risks, and prioritizing next steps such as obtaining management buy-in and continuously improving prevention and detection efforts. The overall goal is to prevent, detect, and address fraud through a formal, collaborative anti-fraud program.
Sub Material Fraud Risk White Paper
Ground-breaking white paper on fraud risk below the materiality level written by Jeffrey T. Hare, CPA CISA CIA of ERP Risk Advisors
Tommy Seah speaks on CORRUPTION and FRAUD PREVENTION in Malaysia
The document discusses managing internal investigations and corruption. It covers the differences between internal audit and forensic audit approaches, as well as the skill set requirements for internal investigations. It also discusses how to build competencies for internal investigations, the costs of fraud to organizations, and how to apply investigative methodologies while avoiding legal issues.
Fraud And Internal Controls Linked In April 2011
Fraud Awareness presentation applicable to managers, executives, employees, internal auditors and CPAs
Society of Corporate Compliance and Ethics SCCE 2015 developing an effective ...
Areas Covered in the Webinar:
Identify fraud risks and the factors that influence them
Analyze existing risk management frameworks and their application to managing fraud risk
Develop and implement the necessary components of a successful fraud risk management program
Identify the elements of a strong ethical corporate culture
Conduct a cost effective fraud risk assessment
Anti-Money Laundering and Anti-Bribery and Corruption Systems & controls: Ass...
Summary and highlights of The Financial Conduct Authority Thematic Review by Mark Dunn, Market Planning Manager, Risk & Compliance, LexisNexis
Cyber Risks - Maligec and Eskins
This document discusses the importance of establishing a cyber risk framework that is integrated into an organization's enterprise-wide risk management process. It provides questions that organizations should consider to help identify and assess cyber risks. It also describes three hypothetical cyber risk scenarios involving ransomware infection, and discusses potential impacts, losses, and mitigation strategies for each scenario.
Similar to Improving and Implementing Internal Controls (20)
ACCA-IIA Singapore Seminar 2015 Part 3 Fraud Risk Assessment
ACCA-IIA Singapore Seminar 2015 Part 3 Fraud Risk Assessment
Dr haluk f gursel fraud examination rises to distinction article grcj 2010 1_v3_
Dr haluk f gursel fraud examination rises to distinction article grcj 2010 1_v3_
Setting Up and Managing an Anonymous Fraud Hotline
Setting Up and Managing an Anonymous Fraud Hotline
Implementing Anti Money Laundering and Fraud Rules in Banking
Implementing Anti Money Laundering and Fraud Rules in Banking
Fraud Risk Management: High-Level Perspectives for Directors and Investors
Fraud Risk Management: High-Level Perspectives for Directors and Investors
Continuous Controls Monitoring: Putting Controls in Place is Not Enough
Continuous Controls Monitoring: Putting Controls in Place is Not Enough
Tommy Seah speaks on CORRUPTION and FRAUD PREVENTION in Malaysia
Tommy Seah speaks on CORRUPTION and FRAUD PREVENTION in Malaysia
Society of Corporate Compliance and Ethics SCCE 2015 developing an effective ...
Society of Corporate Compliance and Ethics SCCE 2015 developing an effective ...
Anti-Money Laundering and Anti-Bribery and Corruption Systems & controls: Ass...
Anti-Money Laundering and Anti-Bribery and Corruption Systems & controls: Ass...
More from Tommy Seah
Criminal Psychology & Fraud Investigation
It will happen when you least expect it. There will always be allegation of fraud and
employee misdemeanour. This is a perennial truth. The question that needs to be addressed
is how do we go about managing such allegations.
In recent years, a variety of laws and regulations have emerged in Singapore and Malaysia,
providing organizations with an array of criteria to incorporate into their antifraud
efforts. But for all practical purpose there is no law on managing fraud allegation.
In the wake of high-profile corporate scandals as well as new regulations worldwide,
many business leaders are increasingly aware of the need to create company-specific
antifraud measures to address internal corporate fraud and employee misconduct.
While acknowledging that no single approach to fraud risk management can fit every
organizations needs, this seminar focus on key practices that organizations have
generally found to be effective when tailoring a company-specific fraud allegation
investigation program and offers a strategic approach to aligning corporate values
with employees performance.
The Federal Bureau of Investigation, financial institutions and merchants are always on
the lookout for scam artists. One of the most common and unregulated industry where
fraud is most prevalent and perpetrated on a daily basis is in the area of Management
Consultancy. Almost every unemployed and unemployable individual calls themselves
Management CONsultants.
The technique to know whether you have been a victim is to examine the deliverables.
Look at the concepts closely. If they cannot even get the fundamentals right, you know
that it is REALLY a CONsultancy firm.
Procurement Fraud - Financial Pre-Qualification
ProEdge Global Sdn. Bhd.
Suite: 33-01, 33rd Floor,
Menara Keck Seng,
203 Jalan Bukit Bintang,
55100 Kuala Lumpur, Malaysia.
Tel : +603-2116 5671
HP : +6016-338 9783
kenneth@proedgeglobal.com
Psychology of fraud 50 pages for comment by tommy seah number one fraud buster
This document provides an overview and summary of a book on the psychology of fraud, gender bias, and interview techniques. It discusses the definition of fraud and how to identify it, the factors that lead to fraud, limitations of internal controls, differences in male and female psychology and motivation for fraud. The bulk of the document focuses on effective interview techniques to determine the truth in a fair and ethical manner. It provides guidance on red flags for fraud, best practices for interviewing witnesses, detecting deception, verifying information and effective note taking.
Financial Statement Fraud training by Tommy SEAH
This document advertises and provides details about a 2-day workshop on detecting and preventing financial statement fraud hosted by ProEdge Global.
The workshop aims to provide an overview of different types of financial fraud, with a focus on financial statement fraud. Attendees will learn practical techniques to combat financial statement fraud from an expert in the field.
The workshop is intended for corporate leaders, financial professionals, accountants, and auditors who want to improve their ability to detect, respond to, and prevent financial statement fraud.
Effective Cash Management
The way to understand anything
in life is to first understand the
fundamental concept that is
involve. For a subject like
“Effective Cash Management”,
the first thing to understand is
the difference between liquidity
and stupidity. Cash flow is the
lifeblood of a company and is
fundamental to its very existence.
Finance professionals must
understand how their decisions on
investment, operations and
financing lead to specific cash flow
moverments within the business
system. Part of the manager’s job
is to maintain an appropriate
balance between inflows and
outflows of cash. Unfortunately, an
intricate understanding of how
cash flows within company eludes
most business personnel.
Enterprise FRM
How will this EFRM course benefit you?
After completion you will be able to:
• identify risks which could result in fraud
• provide recommendations to executive / senior management in managing fraud risk
• identify warning signs of fraud in operational audits
• develop Fraud ICQ to look at fraud issues
Enterprise Fraud Risk Management
Dear Delegates,
Corporate fraud costs businesses hundreds of millions of dollars each year. It affects livelihoods and is a common
cause of corporate failure. It is the responsibility of the board of directors to prevent fraud by putting in places the
appropriate controls and review procedures. This program shows you why Accounting Information System (AIS)
Threats are ever increasing. Control risks have also increased in the last few years because there are computers
and servers everywhere, and information is available to an unprecedented number of workers. Distributed
computer networks make data available to many users, and these networks are harder to control than centralized
mainframe systems. With the introduction of 3 levels of COSO and value driven ERM, things should be under
control. Recent events at SATYAM proves that in reality things are getting out of control. So, what went wrong ?
Is it time to train the auditors ?
Recognising the challenges that organisations are facing in combating Fraud, CSI In Practice is pleased to present
this 2-days Workshop on Enterprise Fraud Risk Management. This will serve as an excellent opportunity to learn how
best to conduct an internal investigation to protect your organization and step up on controls to deter fraud.
Financial Sattement Fraud, CPA, External Auditors responsibilities
The Structural Approach to
Investigating Financial Statement
Fraud is the specialty practice
area of examiners that describes
engagements that result from
actual or anticipated disputes or
litigation. In litigation, 'Forensic'
means suitable for use in Court,
and it is to that standard and
potential outcome that fraud
examiners generally have to work.
Certified System Investigators
(CSI), Fraud Examiners (CFE) and
Forensic accountants (CPA) often
have to give expert evidence at the
eventual trial. All of the larger
accounting firms, as well as many
medium-sized and boutique firms,
have specialist forensic
accounting departments. Within
these groups, there may be further
sub-specializations: some forensic
accountants may, for example, just
specialize in insurance claims,
personal injury claims, fraud,
construction, or royalty audits.
This is where the distinction lies:
While Accounting firms do only
“Forensic Accounting” CSIs and
CFEs perform Investigations in
Financial Statement Fraud. This is
not the same thing — one is post
event, the other one is
pre-emptive.
Engagements relating to criminal
matters typically arise in the
aftermath of fraud. They frequently
involve the assessment of
accounting systems and accounts
presentation - in essence
assessing if the numbers reflect
reality. The CSI and CFE
determines whether there has
been any audit failure on the part
of the Accounting firm. This
seminar will train participants to
change from a justification mindset
to a pre-emptive mindset. It will
help them develop the capability to
render a service that can answer
the following questions, “What
have gone wrong? Could it have
been prevented in the first place?
Who is responsible for the mess?
The general idea is essentially to
prevent financial statement frauds
and when it does occur, how to
contain the damage and recognize
who is responsible for what in the
whole scheme of things.
Fraud Risk Management - Road Show in KL, Malaysia
The Reason why u need FRA
Passage of the Sarbanes-Oxley Act (SOX) caused more and more companies, public and private, to assess their vulnerability to fraud and abuse. Section 404(a) of the Act requires management of public companies to assess and report on its internal financial reporting controls, largely to ensure that financial statements are fairly presented in accordance with generally accepted accounting principles (GAAP). Fraudulent financial reporting that leads to a material misstatement in the financial statements is one key risk management should assess. This assessment focuses on accounts, processes, GAAP disclosures and the assertions in the financial statements and other required disclosures. Countries in Asia do not necessarily have their own version of SOX. But they have seen the benefits in SOX in the prevention of occupational fraud. Fraud Risk Assessment is now an integral part of good corporate governance.
Such assessments aren’t new. Organizations have assessed business and organizational risks for years. But fraud risk analysis has rarely been the primary focus. Times have changed, and now many companies and organizations are considering conducting specific fraud risk assessments.
Prevent, Deter and Detect Fraud
A fraud risk assessment is designed to examine the controls specifically created to prevent, deter and detect fraud. This assessment is fraud scheme and scenario-based. Fraud risk assessments also communicate a companywide policy of zero tolerance for fraud and abuse.
To conduct an effective fraud risk assessment, follow these steps:
1. Organize and define the assessment objectives with company management and your internal audit committee. Form a team of fraud and control experts, and get senior management and audit committee buy-in: Ask them to communicate their endorsement and sponsorship of both the process and a strong antifraud program to the entire organization.
2. Determine the business and accounting process(es) to be assessed and investigated. Usually, the initial processes selected are those where fraud or abuse has previously occurred or that management has identified as critical business processes that may be susceptible to fraud or abuse.
3. Identify potential schemes and scenarios specific to the process(es) to be examined against current controls. Fraud schemes and scenarios should be selected based on the specific business process, the industry, physical location of the process operation and any known frauds or abuses concerning the process.
4. Determine the likelihood of a fraud occurring within each scheme and scenario. The Public Company Accounting Oversight Board has defined risk levels as remote, more than remote or reasonably possible, and probable. If assessing a public company, assess the risk levels in relation to SOX compliance efforts.
5. After the fraud risks for individual processes have been identified, documented, and rated as to risk level, match the controls within each process to the identified fraud risks. Determine the effectiveness of each control in preventing or providing a means of early detection for the fraud risk. Group the risks as to their probability of occurring within the process.
6. Estimate the probable loss in dollars should the fraud or abuse occur. Try to place a value on loss of reputation if that is a possible outcome.
7. Prepare recommendations for strengthening controls and present to management.
Fraud Risk Assessment Benefits
Some benefits of a fraud risk assessment are obvious — compliance with Sarbanes-Oxley, protection of company assets, and a possible increase in profitability due to a reduction in fraud losses, waste and abuse. But another important benefit doesn’t appear in financial statements or government filings: the enhanced reputation of a highly ethical company that supports a strong internal and external antifraud policy and program.
CreAtiNG A whiStle-BlowiNG
Encouraging a whistle-blowing culture
as a way of upholding the highest
ethical behaviour
n set up the framework for protective
channels of reporting
n Overcoming hindering cultural issues of
whistle-blowing
sTAnLEy CHIA, manaGinG Director
CFe INTeRNaTIONaL CONSULTaNCY GROUP
(MEMBER Of THE CfE-In-PRACTICE GROuP Of COMPAnIEs)
Understanding Procurement Fraud by Tommy Seah
Dear Delegates,
Purchasing fraud is on the rise. Companies today do not just face risks from internal fraud but also
from external criminals who are technologically savvy. The important role on combating fraud plays in
minimising financial losses is fast gaining ground. CFE-In-Practice experts is providing you
with practical advice on how to “look for red flags” and symptoms of fraud. Discover
why some numbers do not add up. Mitigate this fraud risk management by learning
the latest strategies that can be adapted to your company. This event will also cover
investigation and prevention, most importantly how to structure your business processes to minimise
the risks whilst maintaining operational efficiency.
Recognising the challenges that organisations are facing in combating Purchasing Fraud, CSI
In Practice is pleased to present this 2-days Workshop on Understanding Procurement Fraud -
Investigation & Resolution. This will serve as an excellent opportunity to learn how best to conduct
an internal investigation to protect your organization and step up on controls to deter fraud.
Ethics and Integrity by Tommy Seah- A Value Added Audit on Environment
A Value-Added Audit
On ETHICS and AUDITORS DUTIES
(Assessing Organizational and Individual Ethics)
By
Tommy Seah
World Class trainer for practicing auditors
BACKGROUND
13th Aug 2009, Hotel Rendezvous, Singapore
BACKGROUND
The continuing influence and impact which personal and professional ethics exerts upon
individuals, organizations and society, and the factors which influence organizational ethics,
has been thrust into the headlines of the populous. The ethical issues faced daily by
organizations and their employees are neither always straightforward nor easy to resolve.
Results of unethical behavior by accounting/audit professionals, and the impact of ethics upon
organizations, is a topic of growing concern in corporate board rooms around the world. This
one day seminar will examine the timely and important topic of ethics and its relevance and
importance to overall corporate wellbeing. In particular, what factors influence the likelihood
that an individual will act ethically or less than ethical, and what this means to management,
the organization, and internal controls in general. It also examines the question, if the
auditors are doing all that they are suppose to do, in the manner that they are suppose to do
it, why does fraud still occurs?
OBJECTIVES
OBJECTIVES
After completing this seminar, participants will be able to:
Understand SEATA and understand the interrelated nature of organizational functions and
components as they relate to establishing an ethically compliant organization
CFE Strategic
Alliances
Jointly Organized by Endorsed by
Certified System Investigator
CSI World Headquarters, Singapore
(CSI CPE Credits: 8)
CFE International
Consultancy Group
Private Limited
Identify the role of organizational values in driving strategic goals and objectives
Discover the role that personal values play in driving individual employee choices and
decisions
Develop an ethics assessment tool designed to evaluate an organization's compliance to
stated ethics policies
Pinpoint the underlying causes of patterns of unethical and/or undesired employee behavior
Reduce the incidence of employee conflict between the intended change and their personal
ethical standards and expectations
Increase employee commitment to organizational goals and objectives
Fraud Risk management
The document discusses developing a fraud risk management program for an organization. It states that fraud risk management can be handled internally or outsourced, and is affected by factors like company size and culture. Any fraud prevention model should aim to prevent, deter, disrupt, identify and prosecute fraud. The document then lists steps to develop an effective fraud risk management program, such as having fraud prevention as part of the overall risk strategy, establishing policies and controls, training employees, and having whistleblower and reporting systems.
Traditionally, the practice of risk management comprises acceptance, transfer...
Traditionally, the practice of risk management comprises acceptance, transference, elimination, control, sharing, insurance and avoidance of a diverse array of risks. Risk management and internal control business models have subsequently been devised which cater for all eventualities - categorised by terms such as business, operational and reputational risk.
FOREIGN EXCHANGE MANAGEMENT AUDIT - FOREX AUDIT by TOMMY SEAH
This course is aimed at those who wish to gain an understanding of the management techniques, concepts and practices in Foreign Exchange Management and control. This course is for you who are auditing the bank or somehow have an interest in the management and control of forex activities. It will also appeal to Backroom staff whose nature of work necessitates a good grasp of FOREX and Money Market activities. This is not a general course. It is specially tailored to suit the needs of the Bank Internal Auditors. It provides the Auditor with the necessary concepts, practice and program to conduct an FX Audit. The immediate benefit in attending this coaching session is that you get a complete Audit Programme on FOREX.
Understanding the strategies for improving and managing the risk/return profile and performance of forex position is crucial for successful Treasury Management. This coaching session includes a conceptual overview of Treasury Management concepts, such as line distribution, dealer correlation and valuation of position. Key forex inputs and outputs are defined using hands-on exercises with the CFE-In-Practice™ Case Studies. This informative program covers a wide range from product knowledge, elements of risk, return and optimization, control and forex risk management. In other words, learn everything you need to know about managing a Forex department so that profit can be optimized and loss can be recognized. Too many organisation make too much profit to be lost in Forex too quickly too. That is why you need to manage your Forex department actively.
OBJECTIVES AND BENEFITS IN ATTENDING
On completion of the Coaching Session participants will be able to:
• Understand and assess the risk and return of a Forex portfolio
• Determine the most attractive exposures from a risk/return perspective
• Determine the range and likelihood of future forex portfolio values; given this range and likelihood, determine how much equity or capital is required
• Identify the major sources of concentration and diversification in a Forex portfolio
• Assess strategies for improving performance of treasury portfolios
Day One - (PRODUCT KNOWLEDGE)
Is there a fundamental difference between Money Market & Foreign Exchange Market? What is a POSITION? Who controls the position in the bank? What is the best practice in the management of TREASURY LINES? How does Interest Rate Swaps and Currency Swaps work? Should your banks be involved in any of these? Case Studies and discussions.
Day Two (Forex AUDIT)
What is the correct audit approach? Why use the Systems based approach for forex audit? Where lies the auditor’s safety in a forex audit? What must be the FOREX audit focus?
DETAIL COACHING OUTLINE
• Data requirements and sources for active Forex management
• Default quantification for each obligor and utilization and recovery in the event of default; and an overview of the different sources for this data
• Understanding the distinction between MDDR line and FX line
• Components of Forex risk
• Methods of obtaining default probabilities
• Requirements for internal monitoring systems
• Determining quantum of loss given default in a Forex portfolio
• Criteria for which Forex position will be held in a portfolio or, alternatively, sold to other investors i.e. closing out
• An organization's required rate of return and its risk appetite
• Policy setting and implementation; investing guidelines, monitoring performance investment tactics, position control and management
• Quantification of Forex concentrations (Note: This program will describe and use the widely discussed CFE-In-Practice™ FOREX Case Studies)
METHODOLOGY
This coaching by a Certified Fraud Examiner consists of a lively series of short participative lectures conveyed using plain uncomplicated explanations. Learning will be facilitated through discussion and case studies. Ample coaching materials will be gi
SEATA by TOMMY SEAH
The document outlines an agenda for a training on audit documentation, tools, and techniques for internal auditors. It includes introductory lectures, product and case study presentations, exercises, and breaks. It also discusses the internal auditor's role, the audit process, internal controls, documenting controls, risks, and system documentation methods like flowcharts and questionnaires.
CSI 2009 Conference Brochure after early bird discount
This document provides information about the CSI World Headquarters 2009 Annual Investigation, Fraud, Systemic Risk Management Conference taking place on May 26-27, 2009 in Kuala Lumpur, Malaysia. The conference objectives are to provide tools and techniques to assist professionals in understanding systemic risk challenges and to feature four unique tracks catering to different experience levels. The detailed two-day agenda outlines sessions on topics such as managing reputational risk, fraud risk assessment, investigative profiling, forensic techniques, IT security, and digital forensics. Masterclasses on financial analysis and other subjects will also be offered after the conference.
Risk Based Audit Training by TOMMY SEAH
This document outlines a risk-based audit coaching program led by Tommy Seah. The coaching will help participants understand risk identification, evaluation of internal controls, and audit techniques. It will cover the roles of internal auditors and compliance officers, the audit process, and components of internal control. The coaching uses interactive lectures, discussions, and case studies to facilitate learning. Tommy Seah is an experienced auditor and author who provides in-demand technical training to banks in Asia and Europe on topics like anti-money laundering, operational risk management, and Basel II.
TOMMY SEAH speaks on his perspective of FRAUD in CHINA
1) The article discusses fraud that is occurring increasingly in China, especially as foreign companies establish supply chains and operations there. It provides three case studies of fraud that was uncovered.
2) The first case involved a country manager for a European machinery company who was embezzling money through shell companies and taking kickbacks from dealers. It took a detailed private investigation to uncover the full extent of his schemes.
3) The other two cases also involved employees who were diverting business for personal gain to companies they had ownership stakes in, as well as cronyism and embezzlement within a joint venture.
CSI Conference 2009
This document provides information about the CSI World Headquarters 2009 Annual Investigation, Fraud, Systemic Risk Management Conference taking place on May 26-27, 2009 in Kuala Lumpur, Malaysia. The conference objectives are to provide tools and techniques to assist professionals in understanding systemic risk challenges and to feature four unique tracks catering to different experience levels. The detailed two-day agenda outlines sessions on topics such as managing reputational risk, fraud risk assessment, investigative profiling, forensic techniques, IT security, and digital forensics. Masterclasses on financial analysis and other subjects will also be offered after the conference.
More from Tommy Seah (20)
Psychology of fraud 50 pages for comment by tommy seah number one fraud buster
Psychology of fraud 50 pages for comment by tommy seah number one fraud buster
Financial Sattement Fraud, CPA, External Auditors responsibilities
Financial Sattement Fraud, CPA, External Auditors responsibilities
Ethics and Integrity by Tommy Seah- A Value Added Audit on Environment
Ethics and Integrity by Tommy Seah- A Value Added Audit on Environment
Traditionally, the practice of risk management comprises acceptance, transfer...
Traditionally, the practice of risk management comprises acceptance, transfer...
FOREIGN EXCHANGE MANAGEMENT AUDIT - FOREX AUDIT by TOMMY SEAH
FOREIGN EXCHANGE MANAGEMENT AUDIT - FOREX AUDIT by TOMMY SEAH
CSI 2009 Conference Brochure after early bird discount
CSI 2009 Conference Brochure after early bird discount
TOMMY SEAH speaks on his perspective of FRAUD in CHINA
TOMMY SEAH speaks on his perspective of FRAUD in CHINA
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Assessment and Planning in Educational technology.pptx
In an education system, it is understood that assessment is only for the students, but on the other hand, the Assessment of teachers is also an important aspect of the education system that ensures teachers are providing high-quality instruction to students. The assessment process can be used to provide feedback and support for professional development, to inform decisions about teacher retention or promotion, or to evaluate teacher effectiveness for accountability purposes.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar KanvariaISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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A Strategic Approach: GenAI in Education
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
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Azure Interview Questions and Answers PDF By ScholarHat
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Improving and Implementing Internal Controls
- 1. ACFE Regent Emeritus Tommy Seah FCPA,CFE,CSI,FAIA,ACIB,MSID presents Implementing and Improving Internal Controls
- 2. Implementing and Improving Internal Controls Articulating the increasing need for comprehensive in-house fraud control procedures • Optimizing the accuracy and reliability of data acquired through internal inspections • Detailing the process of applying controls inside the organization, and demonstrating the outcome
- 3. “………… .. financial institutions must have in place, all the necessary measures to deter or prevent fraud and constantly review all its controls and measures and also have in place a fraud management function to prevent loopholes that fraudsters can exploit.” …… who (a rticulate) said that ?
- 4. march 05, 2009 at Shangri-La hotel and the guest of honour was Ms Teo Swee Lian, Deputy Managing Director, MAS.
- 7. The Trinity of Controls Internal Audit CPA(CIA) CSI, CISA Compliance CPA,LLB, CSI Risk Management CPA,CFA CSI Financial Control The Fraud Examiner CFE The Certified System Investigator CSI The Existing model
- 8. The Spectrum of Risk www.cfe-icg.com What is Risk ? Operational Risk Liquidity Risk Credit Risk Reputational Risk Market Risk B E C D A
- 9. www.cfe-icg.com Investigative auditing ( suspicious, unusual activities, allegations) E.g.. Money Laundering penetration Test Internal audit (COSO + COBIT+ ISO… “ External” Audit Forensic audit (Specific, Post event) Eg. NKF, CAO
- 11. Copyright (c)2006 www.cfe-icg.com If an organisation accepts that it is exposed to fraud – and no organisation is immune to fraud – the next step is to apportion responsibility for fraud risk management.
- 12. Copyright (c)2006 www.cfe-icg.com WHY is there a need for the paradigm shift ? Historically, the management of fraud risk does not lie with any one particular department or practitioner.
- 13. Internal Audit CPA(CIA) CSI, CISA Compliance CPA,LLB, CSI Risk Management CPA,CFA CSI Financial Control The CPA The Fraud Examiner CFE The Certified System Investigator CSI The Paradigm Shift Investigation Unit FRM Unit S.T.A.R Strategic Tracking and Resolution
- 14. Copyright (c)2006 www.cfe-icg.com FRM can be handled internally or be outsourced, and how it is handled is affected by many variables such as organizational size, industry sector, geographical location, cultural dynamics - and management perception of the problem.
- 15. Copyright (c)2006 www.cfe-icg.com Regardless of these variables, any fraud prevention and control model should aim to achieve one, or all, of the five primary objectives:
- 16. Copyright (c)2006 The five primary objectives: _ Prevention _ Deterrence _ Disruption – _ Identification _ Civil action/criminal prosecution www.cfe-icg.com
- 17. The “Red Flags” of fraud www.cfe-icg.com Text Alcohol Gambling Drugs Sex Profile of A Person Who Commits Fraud Given the “right circumstances” , almost everyone can rationalize that it is OK to commit fraud..
- 18. www.cfe-icg.com What type of individual commits FRAUD? It is not limited to any one type of person. Who Commits Fraud?
- 19. The Fraud Triangle. Auditor’s Domain Fraud Risk Management Fraud Risk Management Perceived Pressure Rationalization Perceived Opportunity
- 20. Detailing the process of applying controls inside the organization, and demonstrating the outcome
- 21. STEP 1: EVALUATE THE ORGANIZATION'S FRAUD RISK FACTORS To identify which factors increase the risk for fraud within an organization, examiners should analyze industry and business operations, hold discussions with management, review previous frauds committed against or on behalf of the company, review company performance, and evaluate similar frauds that occurred at competitors' organizations.
- 22. STEP 2: IDENTIFY POSSIBLE FRAUD SCHEMES The ability to identify specific schemes resulting from fraud risk factors depends on the examiner's knowledge of this area. Fraud specialists, including individuals with certified fraud examiner (CFE) designations and Certified Systems Investigator (CSI) are ideal for this step of the process, as they possess specialized knowledge of fraud detection and investigation.
- 23. STEP 3: PRIORITIZE IDENTIFIED FRAUD RISKS Fraud is not just an ordinary risk, but also an inherent and significant one. Once the fraud schemes database is populated, management and internal auditing should identify the frauds that pose the greatest risk for the organization.
- 25. STEP 4: EVALUATE MITIGATING CONTROLS Internal s Auditors with CFE qualifications are well-positioned to review and counsel on the existence and operational effectiveness of internal controls. In step four, the examiner/auditor should evaluate the high-priority frauds and determine if the necessary controls are in place to reduce the risk of occurrence. This step takes time, as the auditor should attempt to identify more than one control for each fraud scheme.
- 26. Fraud Consideration at all stages of engagement Perform Audit Plan Develop Audit Plan Perform Preliminary Planning Perform Pre-Engagement Activities Conclude & Report PROFESSIONAL SKEPTICISIM DOCUMENTATION GATHER AND ASEESS FRAUD RISKS
- 27. Questions?
- 28. Thank You ! Tommy Seah www.cfe-icg.com www.cfe-in-practice.net www.csi-worldhq.org also on Facebook Tel +65 6222 9861 Mobile +65 9106 9872 Contact Details: