Financial Services Anti-Fraud Risk and Control Workbook by Peter Goldmann

By Peter Goldmann

Myth-busting information for fraud preventionin a pragmatic workbook format

An very good primer for constructing and imposing an anti-fraud software that works, monetary companies Anti-Fraud chance and keep watch over Workbook engages readers in an soaking up self-paced studying adventure to improve familiarity with the sensible features of fraud detection and prevention at banks, funding agencies, credits unions, insurance firms, and different monetary providers providers.

Whether you're a financial institution government, auditor, accountant, senior monetary govt, monetary companies operations supervisor, personal loan officer, regulator, or examiner, this useful source provide you with crucial assurance of:

  • How fraudsters make the most weaknesses in monetary companies organizations

  • How fraudsters imagine and operate

  • The tell-tale indicators of other different types of inner and exterior fraud opposed to monetary companies companies

  • Detecting corruption schemes corresponding to bribery, kickbacks, and conflicts of curiosity, and the various leading edge sorts of monetary files manipulation

  • Conducting a profitable fraud chance assessment

  • Basic fraud detection instruments and strategies for monetary providers businesses, auditors, and investigators

  • Fraud prevention classes from the monetary meltdown of 2007-2008

Written by means of a well-known professional within the box of fraud detection and prevention, this powerful workbook is stuffed with interactive workouts, case experiences, and bankruptcy quizzes, and stocks industry-tested tools for detecting, fighting, and reporting fraud.

Discover easy methods to mitigate fraud hazards on your association with the myth-busting strategies and instruments in monetary companies Anti-Fraud threat and keep an eye on Workbook.

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Additional info for Financial Services Anti-Fraud Risk and Control Workbook

Sample text

List as many controls as you can. Compare yours with those listed in Appendix B. 1. 2. 3. 7 FINANCIAL SERVICES ANTI-FRAUD RISK AND CONTROL WORKBOOK The bottom line. ” Whether the C suite knew that alleged appraisal fraud and other potential forms of mortgage fraud were being systematically perpetrated by its employees may never be known for sure. Chapter 3 addresses the thorny issue of subprime mortgage fraud in greater detail. However, the key lesson here is that even widespread financial wrongdoing can exist in an organization with or without top management’s knowledge.

When it comes to external fraudsters, financial services institutions have a dizzying variety of perpetrators to worry about. Most serious, in terms of the dollars involved (although not necessarily dollars lost) are money launderers. This group includes the far-flung global population of drug traffickers as well as members of organized crime, illegal gambling operators, terrorists, and others. Note. Although financial institutions are directly responsible for monitoring and reporting money-laundering activity to federal regulators, because they typically are not 11 FINANCIAL SERVICES ANTI-FRAUD RISK AND CONTROL WORKBOOK victims of such activity, this book does not address the money-laundering problem in great detail.

The questionable ethics governing the “rules” for approving and underwriting subprime home mortgages in the years leading up to the financial crisis of 2007 to 2009 encapsulates this myopic “make-the-numbers” driver of precrisis financial services management. This mind-set was rather astoundingly summed up by James LaLiberte, former chief operating officer of People’s Choice Bank, a California-based subprime lender that filed for bankruptcy protection in 2007 and court-administered liquidation in 2008.

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