The objective of any report is to provide important information to management in the area reviewed. It represents the end result of weeks of reviews, analyses, interviews and discussions. The quality of that report will have an impact on how well the report is understood and accepted. The best information and recommendations may not be acted upon if the report is poorly written. Poor quality reports can result in management:
Internal fraud is has been around long before Sarbanes-Oxley and will be with us when we retire. According to the Association of Certified Fraud Examiners(ACFE), it is estimated that 5% of all revenue is lost to occupational fraud every year. Fraud is not completely preventable but there are steps you can take to systemically prevent and detect fraud on an ongoing basis. This webinar will discuss several key areas to investigate, how to uncover fraud, and put a plan in place to prevent it going forward.
The objective is to better understand the breadth of retail payments compliance issues and how to create a framework for reviewing both internal and third-party responsibilities for a successful audit. The primary objectives this session are to evaluate the effectiveness of the internal controls and risk management processes implemented by the financial institution and/or the technology service provider.
The procedures provided in this session should not be construed as requirements for control implementation. The selection of controls and control implementation should be guided by the risk profile of the institution. We will discuss procedures that provide additional validation verifying the effectiveness of a financial institution's internal control processes over ACH processing, EFT/POS network processing, check item processing, electronic banking-related retail payments processing, and bankcard processing, clearance, and settlement.
Identifying, mitigating, and stopping fraud is the key to a successful program. Time is of the essence in identifying and reporting this fraud to recover any losses. You should be armed with the tools necessary to properly audit your current process to make sure the potential for fraud is limited.
Financial institutions have long been the payments engines for their customers. However, with heightened competition and the advent of new non-bank entries into the marketplace, financial institutions have been playing more defense than offense. It is now time to go from playing 'not to lose' to using the implied trust and the customer experience to reverse the trend, get back lost customers,and retain existing ones.