Anti Fraud Strategy For Management

The costs of fraud have been significantly impacted banks in the past 10 years. Therefore, banks need to implement the appropriate strategy in reducing the potential of frauds occurring in the organization. By implementing an effective anti fraud strategy, management can harness the efforts of their staff in its anti-fraud activities, which can significantly reduce the cost of fraud within the organization. The overall objective of implementing this strategy is to improve prevention, detection and the conditions for investigations of fraud, and to pursue adequate deterrence and reparation, with proportionate and dissuasive sanctions. Moreover, the Anti-Fraud Strategy and Action Plan are in line with the provision of OJK Regulations.

In addition, as part of the Anti-Fraud Strategy, a strong and robust anti money laundering (AML) program is mandatory for banks to support the prevention and the detection strategy within day-to-day banking operations. A sample of fraud risk assessment including the AML risk assessment will be covered in this workshop to provide an overview of a prevention strategy.

OBJECTIVES

1. To understand the nature of fraud as well as the appropriate strategy to mitigate the type of fraud.

2. To design a fraud risk assessment in order to develop priorities of controls within the prevention strategy.

3. To develop the right awareness program across the bank.

4. To understand the expectation of the fraud governance through sharing the best practice in the financial industry.