Tel: +92 321 5219961 Mail: iftikhar.rasul@insightconsult.co
Tel: +92 321 5219961 Mail: iftikhar.rasul@insightconsult.co
IC has a special adroitness and expertise par excellence that affords adequate training of staff on all facets of fraud risk including Fraud Risk Assessment, Prevention, Detection, Investigation and has modules that educate staff on anti-bribery and corruption issues.
Fraud Risk Management is certainly of immense value to all organizations. Yet its measurable value to an organization varies. Detecting fraud in a timely manner translates to lower fraud losses for an organization, which results in savings to the company. This is a motivating factor that generally drives management to put in place a Fraud Risk Management Framework to curb and check fraud. It is important to be able to articulate why such framework is essential as it directly contributes to:
If the global figures are considered, as per study of ACFE “report to the nations”, enterprises lose 5% of their revenue due to fraud. Average duration of a fraud is almost 14 months and average loss per case is approximately Rs.3.1 Million. Therefore, it becomes imperative for organizations especially for banks to ensure equipping the staff with requisite fraud risk awareness down to the lowest level as it would not only ensure development of appropriate skill set of the staff but would go a long way in timely identification of immoral activity/breach of trust & fraud thereby reducing the impact of loss/protecting the good reputation/image of the enterprise and at the same time adding enormously to the customer confidence for obvious reasons.
IC can also arrange/organize tailored training as per the requirement/desire of the client. IC has developed training modules on different specific fraud risks keeping in mind the current fraud trends to ensure that the client is optimally benefited. These modules have different time durations i.e one day to even for a week.
In order to keep the training affordable for some IC also organizes classes for trainers.
Fraud risk assessment is extremely important for any organization to objectively and prudently assess the risk appetite and know the weak areas that are most vulnerable to fraud risks. It is only through the fraud risk assessment that leads to development corresponding controls/revision of policies and strengthen the instituted fraud risk regime. Owing to its prolonged exposure and experience IC enjoys enormous edge in conducting enterprise-wide fraud risk assessment.
IC carries out an extensive research in the field of fraud risk and establishes area/region wise fraud risks haunting the organizations. IC provides advisory services to the banks and other clients on the latest fraud trends and their mitigation on a regular basis.
Revision of policies/procedure is an ongoing process and must be ensured to keep pace with the ever-changing and fluctuating market environment which warrant timely changes in process flows and policies. Besides, Board of Directors also desire such revisions on timely basis. Businesses/enterprises owing to their nature of work/assigned revenue targets and the competition are not able to divert full attention towards this incredibly significant area.
Since our experts have been involved in drafting the policies/procedures and have enormous experience to their credit hence IC has the enhanced ability/capability and capacity to carry out an in-depth analysis of the existing policies/procedures and processes hence can take over this job with much convenience. Post the analysis and identification of gaps, IC recommends such suitable revisions/changes and refinements in the policies/procedures that are adeptly catering to the latest developments/changes be it market driven or imposed by the regulator.
Timely Identifying the prevalent fraud trends assures an enterprise to take effective safeguards to avert any possible impact emanating out of these trends. It requires continuous and immense study of the industry to ascertain the nature, type, modus of frauds and then classify the seriousness of each trend observed considering the risk appetite of the enterprise. IC has hands on experience and provides apt advises/apprise the organizations on the latest fraud trends with suitable and actionable mitigants ensuring forestalling any probable losses.
Business continuity planning and disaster recovery management is an integral part of any organization that is given due care and importance as the provision of continuous/incessant services is the hall mark of any vibrant, efficient and promising organization. The enterprises that have well-articulated and effective BCP procedures/plans enjoy an increased confidence and comfort in pursuing their business goals without any fear or any apprehensions. Such enterprises are always a step ahead from their competitors and enjoy a leading edge in market/Industry. Any organization that lacks in BCP and disaster management suffers heavily during a crisis as they are unable to ensure stability and continuity in serving their customers hence face serious legal and regulatory consequences besides losing confidence/customer experience and above all the good entrepreneurial reputation.
Work Hall (Private) Limited Ground Floor, Palace Cinema Building, Civil Lines Karachi, Sindh 75600 PK
Pakistan: +92 321 5219961
UAE: +971 58 811 9619
EMail: iftikhar.rasul@insightconsult.co
Work Hall (Private) Limited Ground Floor, Palace Cinema Building, Civil Lines Karachi, Sindh 75600 PK
Pakistan: +92 321 5219961
UAE: +971 58 811 9619
EMail: iftikhar.rasul@insightconsult.co
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