The ever increasing regulations and expansion of organisations across the globe into new markets exposed the organisations to greater regulatory and compliance risks. To Know More : https://www2.deloitte.com/in/en/pages/audit/articles/internal-audit.html
Fundamental controlling tool of fraud prevention and detection designed for company owners and top management. Protect at work and in business those honest against those unfair.
www.forensicline.eu
Deloitte has been at the forefront of providing services to help clients - especially for some of the leading financial institutions - to help deal with myriad business and compliance issues presented by financial crime. See More : https://www2.deloitte.com/in/en/pages/finance/topics/forensic.html
Binary Scam Watch Monitor controls Credit Card Fraud (Overcharging): The classic and most vile tactic is to overcharge your credit card. The better brokers have a very strong compliance department which forbids this, but some of the shady ones like Optionmint, Zenith Options, Cedar Finance, safe24options, Traderxp, Optimarkets, XPMarkets, Amber Options, Regal Options or Interactive Option will over charge you left and right.
This presentation is an overview of Fraud Risk Management in Indian companies and the role of the Board of Directors in the context of the newly enacted Companies Act, 2013.
Fundamental controlling tool of fraud prevention and detection designed for company owners and top management. Protect at work and in business those honest against those unfair.
www.forensicline.eu
Deloitte has been at the forefront of providing services to help clients - especially for some of the leading financial institutions - to help deal with myriad business and compliance issues presented by financial crime. See More : https://www2.deloitte.com/in/en/pages/finance/topics/forensic.html
Binary Scam Watch Monitor controls Credit Card Fraud (Overcharging): The classic and most vile tactic is to overcharge your credit card. The better brokers have a very strong compliance department which forbids this, but some of the shady ones like Optionmint, Zenith Options, Cedar Finance, safe24options, Traderxp, Optimarkets, XPMarkets, Amber Options, Regal Options or Interactive Option will over charge you left and right.
This presentation is an overview of Fraud Risk Management in Indian companies and the role of the Board of Directors in the context of the newly enacted Companies Act, 2013.
NY State Dept of Financial Services Part 504 Daniel Connor
Based upon Sia Partners work on Part 504 topics related to AML, Sanctions, data quality and monitoring, our staff has authored this paper recognizing common challenges and proposing recommended solutions.
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February briefing on anti-money laundering. For more information visit http://www.bovill.com/FinancialCrime.aspx.
Information on the event is below:
Taking a company-wide approach to money laundering
“The FCA has made it very clear that responsibility for the overall culture of firms sits at the top. We need leaders and senior managers within the industry to set the tone for how their staff behave.”
Tracey McDermott, Director of Enforcement and Financial Crime, FCA
The regulator has recently reiterated their intention to carry out further thematic and enforcement work in financial crime. However, many firms still have a fragmented approach to managing the risks of money laundering.
The responsibility for preventing financial crime is shared across the firm from the back office to the boardroom. Firms need to take a company-wide approach to tackling money laundering to ensure they are complying with regulation and managing risks effectively.
Bovill’s briefing looked at Anti-Money Laundering (AML), covering:
• Governance arrangements: as the foundation for effective communication and issue resolution
• Risk management: the difficulties of negotiating the right level of due diligence for higher risk customers and what tools can be used to help with this process
• Systems and controls: ensuring that these are fit for regulatory purpose and are appropriately maintained within your firm.
This section of the survey focuses on the immediate state of corporate fraud, the respondents’ beliefs, and their response to the risks, prevention, and vulnerability towards fraud. Organisations are recognising the trends of resulting frauds and the reasons behind them. Through the survey, processes vulnerable to fraud were identified by respondents, along with the most common types of frauds faced by the organisations. A comparison with the past surveys reveals that respondent organisations are better able to estimate fraud losses, they also have increased confidence in the management and mitigation of frauds.
How to Create a Risk Profile for Your Organization: 10 Essential StepsCase IQ
Understanding your organization’s risks is the first step in developing an effective anti-corruption compliance program. But for many businesses, identifying and understanding their risks is a complex process, involving research, analysis and cooperation from all levels of the organization. Since every company needs a robust compliance program, an effective risk analysis is crucial. The consequences of getting this step wrong can be astronomical.
Join anti-corruption experts Marc Tassé and Patrice Poitevin, as they outline the steps and tools necessary to create a risk profile for your organization.
The webinar will cover:
Tools to help determine areas of risk
Factors to evaluate
The importance of due diligence once risks are identified
Continuous evaluation of your compliance program
How to achieve accountability and transparency
Corruption and Fraud Risk Management using ISO 31000PECB
This webinar will ensure that participants develop the competence to master a model for implementing corruption and fraud risk management processes throughout their organization using the ISO 31000:2009 standard as a reference framework. Based on practical exercises, participants acquire the necessary knowledge and skills to perform an optimal corruption and fraud risk assessment and manage risks in time by being familiar with their life cycle. This webinar will include the ISO 31000 general risk management standard, the process model it recommends, and how companies may use the standard for corruption and fraud risk management.
Learning objectives:
• To understand the concepts, approaches, methods and techniques allowing an effective corruption and fraud risk management according to ISO 31000
• To acquire the competence to implement, maintain and manage an ongoing corruption and fraud risk management using ISO 31000
• To acquire the competence to effectively advise organizations on the best practices in corruption and fraud risk management
Presenter:
This webinar is presented by Valentyn Sysoev, who leads the consulting and audit projects as well as projects related to IS audit and IS assurance, crisis and business continuity management, international standards implementation - specifically, ISO31000 Risk Management, ISO 21500 Project Management, ISO 38500 Corporate Governance of IT, ITIL 3 and Cobit 5, at Active Audit Agency. Valentyn has over more than 8 year experience on information security areas as a consultant, auditor and advisor. Valentyn provides services for financial, insurance, industrial, energy and others customers as an expert on information security.
Frequently Asked Questions on Anti-Money LaunderingZiaullah Mirza
Frequently Asked Questions on
Anti-Money Laundering,
Countering Financing of Terrorism and Targeted Financial Sanctions for
Designated Non-Financial Businesses and Professions & Non-Bank Financial Institutions
The GFC has affected the risk environment for organisations in many ways, one of which is the risk for internal and external fraud. Understanding the changes, and some of the specific areas of risk, and taking action is important to maintain effective corruption prevention
Essentials of a Highly Effective Employee Fraud Awareness ProgramFraudBusters
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.
Fraud, bribery and corruption: Protecting reputation and valueDavid Graham
In support of International Fraud Awareness Week, Deloitte Risk Advisory has published a series of articles, the second of which has been introduced below. This article lists ten areas that executives and the audit committee should evaluate to help mitigate reputational risks of fraud, bribery and corruption
NY State Dept of Financial Services Part 504 Daniel Connor
Based upon Sia Partners work on Part 504 topics related to AML, Sanctions, data quality and monitoring, our staff has authored this paper recognizing common challenges and proposing recommended solutions.
Bovill - the UK financial services regulatory consultancy - runs regular briefings. These are the slides from the February briefing on anti-money laundering. For more information visit http://www.bovill.com/FinancialCrime.aspx.
Information on the event is below:
Taking a company-wide approach to money laundering
“The FCA has made it very clear that responsibility for the overall culture of firms sits at the top. We need leaders and senior managers within the industry to set the tone for how their staff behave.”
Tracey McDermott, Director of Enforcement and Financial Crime, FCA
The regulator has recently reiterated their intention to carry out further thematic and enforcement work in financial crime. However, many firms still have a fragmented approach to managing the risks of money laundering.
The responsibility for preventing financial crime is shared across the firm from the back office to the boardroom. Firms need to take a company-wide approach to tackling money laundering to ensure they are complying with regulation and managing risks effectively.
Bovill’s briefing looked at Anti-Money Laundering (AML), covering:
• Governance arrangements: as the foundation for effective communication and issue resolution
• Risk management: the difficulties of negotiating the right level of due diligence for higher risk customers and what tools can be used to help with this process
• Systems and controls: ensuring that these are fit for regulatory purpose and are appropriately maintained within your firm.
This section of the survey focuses on the immediate state of corporate fraud, the respondents’ beliefs, and their response to the risks, prevention, and vulnerability towards fraud. Organisations are recognising the trends of resulting frauds and the reasons behind them. Through the survey, processes vulnerable to fraud were identified by respondents, along with the most common types of frauds faced by the organisations. A comparison with the past surveys reveals that respondent organisations are better able to estimate fraud losses, they also have increased confidence in the management and mitigation of frauds.
How to Create a Risk Profile for Your Organization: 10 Essential StepsCase IQ
Understanding your organization’s risks is the first step in developing an effective anti-corruption compliance program. But for many businesses, identifying and understanding their risks is a complex process, involving research, analysis and cooperation from all levels of the organization. Since every company needs a robust compliance program, an effective risk analysis is crucial. The consequences of getting this step wrong can be astronomical.
Join anti-corruption experts Marc Tassé and Patrice Poitevin, as they outline the steps and tools necessary to create a risk profile for your organization.
The webinar will cover:
Tools to help determine areas of risk
Factors to evaluate
The importance of due diligence once risks are identified
Continuous evaluation of your compliance program
How to achieve accountability and transparency
Corruption and Fraud Risk Management using ISO 31000PECB
This webinar will ensure that participants develop the competence to master a model for implementing corruption and fraud risk management processes throughout their organization using the ISO 31000:2009 standard as a reference framework. Based on practical exercises, participants acquire the necessary knowledge and skills to perform an optimal corruption and fraud risk assessment and manage risks in time by being familiar with their life cycle. This webinar will include the ISO 31000 general risk management standard, the process model it recommends, and how companies may use the standard for corruption and fraud risk management.
Learning objectives:
• To understand the concepts, approaches, methods and techniques allowing an effective corruption and fraud risk management according to ISO 31000
• To acquire the competence to implement, maintain and manage an ongoing corruption and fraud risk management using ISO 31000
• To acquire the competence to effectively advise organizations on the best practices in corruption and fraud risk management
Presenter:
This webinar is presented by Valentyn Sysoev, who leads the consulting and audit projects as well as projects related to IS audit and IS assurance, crisis and business continuity management, international standards implementation - specifically, ISO31000 Risk Management, ISO 21500 Project Management, ISO 38500 Corporate Governance of IT, ITIL 3 and Cobit 5, at Active Audit Agency. Valentyn has over more than 8 year experience on information security areas as a consultant, auditor and advisor. Valentyn provides services for financial, insurance, industrial, energy and others customers as an expert on information security.
Frequently Asked Questions on Anti-Money LaunderingZiaullah Mirza
Frequently Asked Questions on
Anti-Money Laundering,
Countering Financing of Terrorism and Targeted Financial Sanctions for
Designated Non-Financial Businesses and Professions & Non-Bank Financial Institutions
The GFC has affected the risk environment for organisations in many ways, one of which is the risk for internal and external fraud. Understanding the changes, and some of the specific areas of risk, and taking action is important to maintain effective corruption prevention
Essentials of a Highly Effective Employee Fraud Awareness ProgramFraudBusters
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.
Fraud, bribery and corruption: Protecting reputation and valueDavid Graham
In support of International Fraud Awareness Week, Deloitte Risk Advisory has published a series of articles, the second of which has been introduced below. This article lists ten areas that executives and the audit committee should evaluate to help mitigate reputational risks of fraud, bribery and corruption
The role of audit committees continues to expand to keep pace with the modern business operating environment. In addition to responsibility for a company’s financial reporting and management, audit committees increasingly take an active role in an organization’s risk management strategy.
Audit committees can be instrumental in helping their organizations implement procedures to address the challenges they face. They can also assist with addressing internal and external audit findings or with exploring best practices for addressing areas of operations that may be vulnerable to disruption or extraordinary risks.
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..
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Each year, Protiviti conducts its Internal Audit Capabilities and Needs Survey to assess current skill levels of internal audit executives and professionals, identify areas in need of improvement, and help to stimulate the sharing of leading practices throughout the profession. In this white paper, we describe the outlook of internal audit leaders within the financial services industry.
Dr haluk f gursel fraud examination rises to distinction article grcj 2010 1_v3_Haluk Ferden Gursel
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.
Elizabeth Homes offered the world a miracle technology which would have changed medicine forever in the same beautiful package as many other Silicon Valley giants.
Combining Corporate Governance with Internal Leadershipjobdoctors
Internal Leadership helps competitiveness, profit, and growth. But without a strong Governance program, the company can risk failure and, at a minimum, damage to profits, reputation, and government requirements.
Governance can reduce risk, improve compliance, and provide shareholder and board level continuous monitoring. But without a strong Internal Leadership program, people issues are usually the weak link for governance effectiveness.
That is why we believe Internal Leadership and Corporate Governance are two sides of the same coin for revolutionizing a company’s competitive edge for sustainable growth.
Read this white paper to see how we leverage both solutions to help company growth.
Audits have changed their traditional focus from cost control towards a global strategy of risk management, governance, value creation, and organizational culture. Auditing is a representative element of corporate culture because it defines how companies think and act, but manage decisions are the true reflection of how a company thinks and acts. Thus, this area expands its importance thanks to its direct participation in risk management and value creation.
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Deloitte Tech Trends 2023 is a comprehensive report that delves into the impact of adopting new-age technologies on ground-breaking innovations and foundational business industries such as BFSI, health care and pharmaceuticals, e-commerce, retail, and manufacturing. This report outlines expected trends that can disrupt businesses.
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
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Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
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2. 2
The current scenario
All organisations are subject to fraud risks and there
have been several instances in the past couple of
decades when frauds have led to the downfall of
organisations as a whole. Some notable examples
include, Enron and Worldcom in the USA and Satyam
near home. The current economic slowdown has
brought to surface a number of high profile frauds like
the Reebok and Citibank cases thereby increasing the
focus on fraud risk management. Global regulations
like the US Foreign Corrupt Practices Act (FCPA), UK
Bribery Act, Sarbanes Oxley Act have increasingly put
responsibility on the management of organisations
to implement an effective fraud risk management
framework. In the wake of increasing incidents of frauds
in the financial service sector, the Reserve Bank of India
(RBI) introduced guidelines for comprehensive Fraud Risk
Management (FRM) system for banks.
With increased regulatory focus and widespread
negative impact of frauds, the managements and
senior executives are increasingly concerned about
the vulnerability and exposure of their businesses/
organisations to frauds and whether or not they are
adequately protected. A recent survey undertaken by
Deloitte for fraud in Indian banks indicated that more
than half the frauds were detected by internal audit
reviews. This brings into focus the role of internal audit
in fraud risk management.
As the mandate and role of internal audit continue
to evolve, managements are increasingly counting on
internal audit functions in their efforts for managing
fraud risks and keeping organisations protected.
Increasingly, the internal audit function is not to monitor
and detect but also to investigate fraud incidences
when they arise. The role of internal audit in fraud
risk management by way of preventing, detecting and
investigating fraud has amplified as a result of economic
uncertainty and increased focus of certain organisation's
management on fraud risks.
Internal Audit - the traditional role
According to Chartered Institute of Internal Auditors,
the role of internal audit is to provide independent
assurance that an organisation’s risk management,
governance and internal control processes are operating
effectively. Unlike external auditors, they look beyond
financial risks and statements to consider wider issues
such as the organisation’s reputation, growth, its impact
on the environment and the way it treats its employees.
The below chart provides the fundamental functions of
an internal audit team.
The changing role of Internal Audit
The ever increasing regulations and expansion of
organisations across the globe into new markets exposed
the organisations to greater regulatory and compliance
risks. Regulators expect thorough due diligence, oversight
Fraud Detection mechanism
Anonymous
complaint by
external party
Internal
audit/legal/
compliance
Whistleblower
mechanism
By
accident
Fraud detection/
analytics solution
Others Not
disclosed
43%
53%
37%
20% 20%
17%
40%
Source: India Banking Fraud Survey 2012
Assurance
Assessment
and
Recommen-
dations
Oversight
Advisory
Services
Objective examination to provide accurate and
current information to the stakeholders about
the efficiency and effectiveness of its policies
and operations, and the status of its compliance
with the statutory obligations
Assessing and making recommendations on the
effectiveness of the existing controls
Demonstrates informed, accountable decision
making with regard to ethics, compliance, risk,
economy and efficiency
Assessing and making recommendations on the
effectiveness of the existing controls
Demonstrates informed, accountable decision
making with regard to ethics, compliance, risk,
economy and efficiency
Assessing and making recommendations on the
effectiveness of the existing controls
Demonstrates informed, accountable decision
making with regard to ethics, compliance, risk,
economy and efficiency
3. The changing role of internal audit 3
and background checks to be performed on partners,
vendors, suppliers and others. As fraud has a number
of negative impacts on organisations – financial and
reputational – it is important for the organisations to have
a strong fraud prevention programme.
As organisations work towards reducing the losses due
to fraud, their anti-fraud programmes are increasingly
looking towards the internal audit function for support
in light of the fact that over time as internal auditors
review systems in the organisation, they develop an
overall knowledge of the organisation’s processes, risks,
control systems and personnel which can contribute to
an effective fraud risk management.
The IIA provides mandatory guidance for internal
auditors in its International Professionals Practices
Framework (IPPF). Internal auditors are expected to
have sufficient knowledge to evaluate the risk of fraud
in their organisations, and are required to report to the
board any fraud risks found during their investigations.
IPPF also expects the internal audit activity to evaluate
the potential for the occurrence of fraud and how the
organisation manages its fraud risk. The expectation is
that internal auditing should provide objective assurance
to the board and management that fraud controls are
sufficient for identified fraud risks and ensure that the
controls are functioning effectively. Internal auditors
may review the comprehensiveness and adequacy of the
risks identified by management — especially with regard
to management override risks.
So how can this work in practice?
While planning their annual audit plan, internal
auditors should consider the assessment of fraud
risk and review management’s fraud management
capabilities periodically. They should regularly and
closely communicate with those responsible for risk
assessments in the organisation and also others in key
roles throughout the organisation, to ensure timely
fraud risk management. Internal auditors, during their
assignments, should spend an adequate time and
attention to evaluating the framework and internal
controls related to fraud risk management. It is also
imperative to have a well-defined response plan to
handle potential frauds uncovered during an internal
audit assignment.
Coping up with the new role
Though the role and responsibility of internal audit
function may vary in scope and authority in different
organizations, there is a clear trend that internal audit is
taking on a more strategic and central role. With these
changes, the increased interaction between the evolving
internal audit function and its major stakeholders is
an important area for organisations to focus on and
develop. Organisations can be walking on a dangerous
tightrope where senior management believe that the
internal audit function is providing assurance in respect
of fraud risk assessment, detection and investigation,
whereas reality is that internal audit are under resourced
or inadequately trained and constrained in their ability
to meet the expected delivery. Apart from this, gaps can
also exist in the levels of support and training that are
provided to internal auditor and could mean that their
ability to be effective could be highly compromised.
The way forward
An organisation’s commitment to effective internal
control should be reflected directly in the importance it
attaches to its internal audit function. The internal audit
charter, approved by the board or audit committee,
should clearly identify the roles and responsibilities of
internal audit with respect to fraud risks. This could include
roles in relation to fraud risk management, initial or full
investigation of suspected fraud, root cause analysis and
control improvement recommendations, monitoring of
a reporting/whistleblower hotline, and providing ethics
training sessions. If the internal audit activity is responsible
for the investigation, it may conduct an investigation
using in-house staff, outsourcing, or a combination of
both. This will require fraud investigation teams to obtain
sufficient knowledge of fraudulent schemes, investigation
techniques, and applicable laws. In organisations where
primary responsibility for the investigation function is not
assigned to the internal audit activity, the internal audit
activity may still be asked to help gather information and
make recommendations for internal control improvements.
It is, therefore, of utmost importance that internal audit
functions are adequately funded, staffed, and trained,
with appropriate specialised skills depending upon the
nature, size, and complexity of the operating environment
of an organisation. Also it is essential for the internal audit
function to have independent authority and reporting lines
and have adequate access to the audit committee.
Sources:
1. IPPF – Practice Guide on
Internal Auditing and Fraud
2. Managing the Business Risk
of Fraud: A Practical Guide
– Paper sponsored by IIA,
AICPA and ACFE.