This Will be a Very Comprehensive Discussion Regarding AML and the Interpretation of Model Validation
According to the Association of Certified Fraud Examiners, businesses suffer an average of $155,000 every time an insider commits fraud. More disturbing: Billing schemes are by far the most common fraud schemes threatening organizations, making up nearly one-third of the total. Adding to the problem, check fraud is rising at a rate of 25% per year and criminals are coming up with new high-tech ways of hijacking corporate ACH (Automated Clearing House) accounts.
In this session, participants will learn how to identify the different varieties of AP-related fraud schemes damaging organizations of all kinds, including small businesses and non-profits. You will learn to determine how shrewd fraudsters abuse the AP process to embezzle funds for years before being detected and how to shorten the time before discovery. This training will enable you to quickly recognize the red flags of AP fraud in your operations and financial records and will assist in providing cost-effective anti-fraud controls to protect against the growing army of fraudsters both inside and outside your organizations.
Why Should You Attend:
Financial institution retail centers and call centers often face handling consumer disputes of ACH debits on their account; many situations aren’t covered in the ACH Rules book guidelines nor is there any clear direction from other resources.
This webinar will focus on the most common disputes, provide attendees with a basic understanding of what is required to maintain compliance, as well as discuss tips on handling these issues. The course will conclude with some real-life scenarios where attendees try their hand at solving the issue while balancing compliance obligations with customer service.
Agenda
Areas Covered
- Statistical overview of the fraud problem
- Who commits fraud
- Why employees commit fraud (The Fraud Triangle)
- Lessons from fraudsters
- COMMON TYPES OF AP FRAUD TODAY
- Vendor/billing fraud schemes
- Check fraud and tampering
- ACH fraud
- Fraudulent AP financial reporting
- Kickbacks/bribery
- Conflicts of interest
- P-Card fraud
- RED FLAGS OF AP FRAUD
- Conducting a Fraud Risk Assessment and Recognizing the Red Flags of Internal Fraud
- The Fraud Risk Mitigation Cycle
- Implementing an organization-wide system for detecting, preventing and investigating fraud
- FRAUD DETECTION
- How Frauds Are Most Often Detected
- Additional General Detection Methods
- Data Mining/Analytics for fraud detection
- Examples of Fraud Audit Techniques at Work
- ANTI-FRAUD CONTROLS FOR AP
- Internal Controls and Other Fraud Prevention Measures:
- Who Should Manage Anti Fraud Activities for AP
- Internal Controls: Do's and Don'ts
- General controls: Segregation of Duties, Delegation of Authority, Background Investigation
- Specific AP Operations-Level Controls.
Learning objectives:
Participants will learn:
- How to Conduct a quick and cost-effective Fraud Risk Assessment for client AP operations.
- Implement effective AP fraud detection techniques and build audit practices to detect red flags of AP fraud.
- Implement best-practice Anti-Fraud Control strategies for AP.
- Advise management on fraud risk mitigation through transaction monitoring, technology/information technology tools and low-cost internal controls.
- Recommend better anti-fraud management structure (Board of Directors/Executive Management, Line Management, Compliance, General Counsel, etc.)
Speakers
Craig Taggart,
Managing Director ,
BCC Capital PartnersCraig Taggart has almost a decade of experience in the fields of mergers and acquisitions and business financing. Mr. Taggart works strategically with his clients to achieve the highest value for their business within the capital markets. His experience with BCC Capital Partners in the M&A industry has greatly contributed to his understanding of transaction structure, strategic placement of buyers, and the attainment of maximum market value for his clients.
He has represented and sold many businesses in a number of different industries and has significant experience working with companies in: continuing education, transportation, software and professional services. Mr. Taggart is currently working in the clean energy sector that covers multiple initiatives within M&A and corporate development.
He is a certified merger and acquisition advisor, accredited valuation analyst as well as an active member of Alliance of Mergers and Acquisition, and The National Association of Certified Valuators and Analysts (NACVA). Mr. Taggart has been a certified fraud examiner since 2011 and has owned an investigative franchise business, which focused on fraud based cases involving insurance, asset searches, surveillance, witness statements.
He earned his MBA from the San Diego State University specializing in financial management. Mr. Taggart graduated from the California State University Northridge with a bachelor's degree majoring in organizational psychology.
Who Should Attend
- Internal and external audit professionals
- Accounting and audit practitioners
- AP managers
- Senior financial management seeking to reduce their vulnerability to costly frauds
- Procurement and payables specialists
- Compliance and ethics managers
- CFO's/senior financial managers
- Security personnel
Industries who can attend
This course is intended for professionals in the Banking and Finance Industry
